what you need to know about foreclosures
The foreclosure auctions take place at the district county courthouse associated with the foreclosure location. NMlists provides sales for Bernalillo and Sandoval counties
I would like to purchase a home at the foreclosure auction. How do I do that?
You will need to be present at the county courthouse to bid at the auction. The plaintiff will start with an opening bid, and if you would like to purchase the house, you need to bid at least $1.00 higher than the Plaintiff. You will be required to deliver your full bid amount to the Plaintiff’s attorney the same day of the sale. However DO NOT bid at the auction unless you understand redemption law (see next section).
What you need to know about foreclosure auctions
You will lose the property to the person who redeems the property. Your funds that you delivered to the Plaintiff’s attorney will remain in escrow until the property is redeemed. Once the property is redeemed, your funds will be returned plus 10% per anum from the day of the APPROVAL of the sale. At most you will receive 30 days of interest. For instance, if you purchased a property for $100,000.00 and the property was redeemed 30 days after the approval, you would receive a deposit of $100,821.91. This process can take up to 6 months after the sale of the property.