FDIC Real Estate Auctions
The assets seized by FDIC as part bank failures are auctioned routinely and you can purchase them directly from FDIC. FDIC website shows each of these Assets with legal description and Legal Notices associated with each property.
As recent as April 2013, FDIC was closing down banks with weak balance sheets and transferring their assets to other banks. In fact, in April 2013 alone, FDIC closed more than 5 banks in Georgia, Florida, North Carolina and Kentucky. List of the Failed Bank that are taken over by FDIC is published every month.
However, buying from FDIC an be a bit tricky since some of these sales might be subject to Redemption Rights. This means that the owner of these assets that are seized is offered a Period of time to reclaim their assets (even after the sale) by settling their debt with FDIC.
So, buying from these kinds of auctions are not for novices and we don’t advise it unless you have legal adviser keeping you abreast of all your options in case you purchase is challenged. Finally, ALL the payments must be made in Cash, Certified Check, Cashier’s check or money order.
Contact Us if you are looking to find distressed properties to purchase.