Foreclosure Auction Secrets with Ashley Pickens | Buying at Rock-Bottom Prices in 2025.

Foreclosure auctions, REO properties, and pre-foreclosures are shaping the real estate market in 2025. In this podcast, real estate broker & auctioneer Ashley Pickens shares insider tips on how to buy foreclosure homes, avoid costly mistakes, and use Foreclosure.com to find the best deals. If you want to learn how to bid at foreclosure auctions and what investors must know before buying, this video is for you.

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In this episode, Ashley breaks down:

✅ Where to actually find foreclosure auction properties

✅ The do’s and don’ts of bidding at the courthouse

✅ Common mistakes first-time buyers make

✅ The difference between online vs in-person auctions

✅ Why the foreclosure market is rising in 2025 (and what it means for investors)

✅ How to use Foreclosure.com to find pre-foreclosures, REOs, and auction deals

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Transcript

0:00: I always say the auction is not for everybody's everybody's blood pressure cannot handle the auction. 
 0:06: You can buy the wrong lean. 
 0:08: If you buy the wrong lean at the auction, your feelings will be hurt for the rest of the year. 
 0:14: The end of March, a storm hits and a tree falls on the house, and you go to auction and you have no idea that a tree has fallen on the house, you know, so drive by before you bid because your business is gonna be. 
 0:27: Really hurt if you pay $200,000 for a house that's not there. 
 0:32: We're probably close to 10 million people behind on the mortgage right now. 
 0:35: And you didn't know Mr. 
 0:36: Johnson was in foreclosure. 
 0:38: That's why his grass is so high right now. 
 0:40: And foreclosure.com can help you. 
 0:42: You get on foreclosure.com and start filtering by REO properties. 
 0:50: Hello, everyone. 
 0:51: I'm Tim Jones with Foreclosure.com. 
 0:53: I'm excited to be joined today by Ashley Pickens, real estate broker and auctioneer based in Memphis, Tennessee. 
 1:00: Ashley been in real estate industry for almost 20 years. 
 1:03: Ashley, thank you so much for being with us today. 
 1:07: Absolutely, thanks for having me, Tim. 
 1:09: I've been waiting to talk about foreclosure.com, so thanks for having me. 
 1:13: Well, we're excited to have you and let's jump right in, all right. 
 1:16: OK doke. 
 1:18: So, Ashley, for people who aren't familiar with foreclosure auctions, where can they actually find these properties? 
 1:23: Yeah, so it's a lot of people who really don't know where to find foreclosure auctions because it's still kind of, I feel like underground. 
 1:31: A lot of people, it's kind of hush hush when you think about auctions. 
 1:35: most people have heard that they auction properties at the courthouse. 
 1:40: Everybody has heard that, but nobody knows like what properties are going up for auction, when, how much, how do you. 
 1:48: Pay for them. 
 1:49: Like you don't ever know that information or people are like look in the paper and you're like, what paper am I supposed to look at, you know, so I would tell people that are looking for auctions or who want to go to the auction, check out your public notice, like county public notices, that's where the trustees and the attorneys file the actual paperwork for the property going up for auction. 
 2:13: But if you don't know where to find those, check out sites like Auction.com, foreclosure.com. 
 2:19: They offer all kinds of information, the property, opening bid, the location, things like that. 
 2:25: So those are like some really good sites if you're just new to the auction arena. 
 2:31: Yeah, no, that's, that's great information. 
 2:34: I think those details are going to be very helpful. 
 2:36: So Once someone's found a foreclosure auction and they're interested in it, what should a buyer do to to get prepared? 
 2:43: I always say the auction is not for everybody's, everybody's blood pressure cannot handle the auction. 
 2:50: Like it's definitely at the auction I see a lot more. 
 2:54: Seasoned investors and it's because you're essentially buying a house blind. 
 3:01: I, you can drive by the property which you need to do. 
 3:04: You have to do a certain level of due diligence when it comes to buying at the auction, OK? 
 3:11: But You don't get to look at the inside of that property, so you need to drive by the property. 
 3:17: You need to do a title search. 
 3:19: A lot of things people don't know when they come to the auction. 
 3:23: People will still be living in that house. 
 3:26: So again, it's not. 
 3:28: For everybody's blood pressure can't handle that. 
 3:30: Buying a house and Mr. 
 3:32: Johnson and his whole family is still in that house. 
 3:36: So you have to do your due diligence, drive by, see what you can see from the outside. 
 3:41: You have to estimate repairs. 
 3:44: Without being able to, you can't, you know, look through walls, Superman, you know, so you have to drive by, see what you can see landscaping, windows, paint, sidings, the roof, you know what I mean? 
 3:56: So if you aren't experienced with that, you might need to bring a contractor with you to estimate. 
 4:02: What you can see and then you have to check the title. 
 4:07: Everybody does not know how to do title work, you know, most people, when they purchase a home, they go to a clothing company or a title and escrow company, and they check the title because when you come to the auction, you can buy the wrong lean. 
 4:20: If you buy the wrong lean at the auction, your feelings will be hurt for the rest of the year if you buy the wrong lean at the auction, So it's a number of due diligence that you have to look out for title, you also have to set your budget before you go. 
 4:38: It comes to the auction, again, it's not for everybody. 
 4:42: You have to have, especially I'm at the courthouse. 
 4:44: I do trustee auctions at the courthouse. 
 4:47: As soon as I say going once, going twice, sold, I need all your coins right then and there. 
 4:54: So if it's $50,000 500,000 dollars, $5 million. 
 5:01: I need it all right then and there at the courthouse. 
 5:04: So a lot of people, you know, might not be financially able to do that. 
 5:09: And also, like I just said. 
 5:11: You have to have all of your money there, so you have to set your maximum bid before you even get there, right, because you can't say if I say sold and you want the property, Tim, Tim, I'm not gonna wait for you to go to the bank and get your money for me. 
 5:27: You can't, you have to have your money right then and there, so you have to set a budget before you come see me. 
 5:34: Right, so that's a lot that people have to consider, but it's a great place. 
 5:38: Look, great place to pick up properties, but you've got to do your homework before you, you don't wake up and say, I'm going to go see Ashley at the courthouse. 
 5:49: It's not what you're gonna do. 
 5:50: No. 
 5:51: Your feelings will be hurt for sure for the rest of the year. 
 5:53: Wow, no, that is so valuable, and it seems like it's extremely important to really have a team behind you before you even get started and have your systems and processes. 
 6:02: , thought out and, and what you said about the budget and having your money prepared like that's. 
 6:10: I don't think people always think about that. 
 6:12: I think they think of the upside and the value of buying a property at a lesser price, right? 
 6:19: I don't know if everyone's considering all of those factors, so very helpful, yeah, absolutely. 
 6:26: People are always like, I want a foreclosure. 
 6:27: I wanna come see you at the auction, and I wanna, I wanna see everybody at the auction, but I realized. 
 6:34: There is a certain level of skill, expertise, because if people live in the house, you have to evict them. 
 6:41: Yeah, that's another level. 
 6:42: You know, that's another added expense to your budget. 
 6:46: So you've got to put that in your budget when you're bidding, right? 
 6:49: And people get caught up when they go to the auction in the atmosphere. 
 6:54: You just have to know your budget, love your budget, stay in your budget. 
 6:58: Wow. 
 6:59: Well, that kind of Kind of feeds right into my next question, which is what are your biggest dos and don'ts for bidding at a foreclosure auction, especially for someone that's never done it before. 
 7:13: Yeah, look, I got a whole bunch of them, but biggest. 
 7:17: Do stay in your budget. 
 7:19: Stay in your budget. 
 7:21: You have no idea who you're bidding against, right? 
 7:24: I, when I go to some of these rural counties, it's like the next door neighbor bidding on the house. 
 7:30: So they've got more skin in the gate. 
 7:32: They want to buy the house next to them, so they're willing to pay more. 
 7:36: For that house, then let's say an investor who just wants to buy it and flip it, right? 
 7:41: You don't know who you're bidding against, so stay in your budget. 
 7:46: also do your due diligence. 
 7:47: Like I said, get a title search done. 
 7:50: Make sure you're buying the right lien, OK? 
 7:54: Drive by that property, y'all, you can. 
 7:57: A lot of times at the auctions, properties get postponed for whatever reason. 
 8:02: It can go up for auction on, let's say January 1st, the homeowner that's still in there might file bankruptcy, and that'll cancel the auction and they'll push it to March, right? 
 8:14: Then March comes and it goes back up for auction again. 
 8:17: And then let's say at the end of March, a storm hits and a tree falls on the house and you go to auction and you have no idea that a tree has fallen on the house, you know, so dude drive by every before you bid. 
 8:31: I always tell people 24 hours before you bid. 
 8:33: On a house, drive by that property because you're gonna be really hurt if you pay $200,000 for a house that's not there or that, you know, actually like there's so many do when it comes to due diligence, be very. 
 8:52: Particular is what I would say there's a difference in 123 Main Street and 123 Main Boulevard or Central Boulevard, Central Cove. 
 9:03: Those are all very different houses, right? 
 9:07: So you have to make sure you're looking at the right house with the right address and all of that. 
 9:13: also check when you come to the auction, taxes are not included in your bid. 
 9:18: So if a homeowner has not paid their mortgage, their taxes might not be paid either. 
 9:23: So do your due diligence on because you'll be responsible for taxes, even. 
 9:30: Yeah, if you haven't paid it, that's not included in that $50,000 you just paid at the auction, I think what else it's so many. 
 9:40: Let's think about dues, right? 
 9:42: Just make sure you stay in your budget. 
 9:44: Set a repair list. 
 9:46: Look at repairs, do everything that you can do. 
 9:49: Check out the neighborhood. 
 9:50: Check out comps, see what is sold, because right now houses are sitting on the market and everybody in the industry, we know, we look at sold, not active, right? 
 10:01: So that's what you go off of based on sold properties. 
 10:06: And yeah, just do your due diligence, make sure you know what you're getting yourself into, stay in your budget, pick a couple of different houses. 
 10:14: I always tell you don't get your heart set on one house at the auction. 
 10:18: Pick a couple different houses and research them, and then go in bid. 
 10:23: Yeah. 
 10:24: Those, those are great. 
 10:26: Great points to consider. 
 10:28: I mean, I don't know how you would not consider those and get into an auction house without those thought out, right? 
 10:36: And you know, you don't know what you don't know, right? 
 10:39: You just think you're going and I people bid all the time and they're like, OK, so when do I pay the money? 
 10:44: And I'm like, you pay it right now. 
 10:46: Like I need money right now. 
 10:49: And they're like, oh, OK. 
 10:51: No, or they're like, When do I get the keys? 
 10:55: I don't have keys to the house with the auction. 
 10:58: I'm like, when is the last time you crawled through a window? 
 11:01: So. 
 11:02: Those are things to remember. 
 11:04: I don't have keys. 
 11:05: Deeds, deeds come in the mail. 
 11:07: The deed comes in the mail. 
 11:09: Depending on where you live, there's also the right of redemption. 
 11:13: A homeowner can come back and pay that past due money and get their house back from you, even though you just bought it at auction. 
 11:22: So there's just things to remember before you go to the auction. 
 11:25: Yeah, those dos make the don'ts very important, you know, very important. 
 11:34: Yes. 
 11:35: , so, can you explain the difference between an online and in-person auction? 
 11:41: And, and which process do you think is better for today's home buyer or investor? 
 11:47: I think it depends, but let me, the difference between online and in person. 
 11:50: So again, I do trustee auctions. 
 11:52: I'm at the courthouse. 
 11:54: I'm in person trustee auctions you usually have to bid in person. 
 11:59: Now, different platforms like Auction.com, Hub Zoo, maybe Realtyzone, XOME.com. 
 12:07: Some of those sites allow online bidding, which can be more convenient if you're bidding out of town. 
 12:12: Now, if you're an out of state investor and looking for properties, it also a lot of times they give information on the title a lot of times. 
 12:20: Also they usually will give you like 24 hours or so to wire the money. 
 12:25: So you get a little grace period when it comes to online auctions versus me in person. 
 12:32: In person though, but you get to see the atmosphere, you get to see who you're bidding against. 
 12:37: A lot of times on these online auctions you have to put in your offer and then wait and see if somebody beats it or it can be like a 3 or 4 day window so you have to wait to win the property at the courthouse. 
 12:50: You hear the bid next to you, you can bid a dollar over if you want to at the auction in person, right? 
 12:57: And it just gives you, I think, a more deeper understanding being in person. 
 13:02: Also, but when you think about online auctions, that means it's more open. 
 13:06: You have more people competing with you because they can go from anywhere in the country and can compete and bid on that one property, where at the courthouse in person could be 6 people, 10 people, boom, restricted to who has the money and who has it on them. 
 13:23: So, you know, Depending on where you live, what your, let's say investment strategy is, depends on which one will work, but I always tell people, go to the courthouse. 
 13:33: If you go to the courthouse, they're free, auctions are free to the public. 
 13:38: You can walk up, go see what it's like, get an idea of the atmosphere, see how many people are bidding, you know, who's bidding against you, and I think. 
 13:46: You meet people, network there. 
 13:48: If you need buyers or anything, you can network and meet people at the auction. 
 13:53: So it just depends on what where you are, you know, if you want to invest in your own city or out of state, you know. 
 13:59: Wow, OK, that, no, that, that definitely clarifies a lot. 
 14:03: This seems like there's a lot of value, even if you're not even ready to. 
 14:08: Put a bid in for an auction, but to go there and to learn the process, to network, understand what people are doing, yeah, no, I think that's very valuable information. 
 14:18: Yeah, in some places, see how quickly that bid gets bid up here in Shelby County in Memphis we go up by like $100 sometimes, you know, or $1000. 
 14:28: If you're maybe in like California, Florida, it might be like $10,000 20,000 dollars, you know what I mean, and that can. 
 14:36: Yeah, you can go through your budget real quick and you don't even get to say anything outbid. 
 14:41: Yeah, going back to your first point, you know, if you, if you get emotional about it and don't set your budget, you know, correctly and start, you know, think you want to get it, then you're eating at your budget you need for, for rehab or or to fix up the place or the budget to maybe get a current tenant out of there. 
 14:59: No, these are such valuable points. 
 15:00: Thank you so much and stay in your budget. 
 15:04: That is the number one stay in there. 
 15:06: So how do you personally use foreclosure.com to help you find these deals before they hit the auction block? 
 15:12: So me personally, I have my hand probably in every single aspect of foreclosure, all three phases, pre-foreclosure, auction, and REO, all the phases. 
 15:23: So foreclosure.com will help me find like upcoming pre-foreclosures or auction properties. 
 15:30: I can find those when they go back to the bank. 
 15:33: It helps. 
 15:33: me find bank-owned properties because I market and reach out and help other investors find pre-foreclosure properties. 
 15:41: Those are really like in demand because people don't know where to find those and foreclosure.com will filter it by like the city, the state, if they're in pre-foreclosure, you know, when their auction date is scheduled, and it just helps me in my, I work a couple of different counties, so I can, you know, search by the. 
 16:00: County that I'm interested in. 
 16:02: I also have like a community and I know I tell them to look in their own community. 
 16:07: That's the first thing I tell people to do. 
 16:09: Look in your own maybe put in your zip code and you didn't know Mr. 
 16:13: Johnson was in foreclosure. 
 16:15: That's why his grass is so hot right now and foreclosure.com can help you, you know, figure out who's in foreclosure in your neighborhood and everything. 
 16:23: So if your neighbors in foreclosure, yeah, that's, that's definitely part of it. 
 16:27: Yeah, and so, and maybe you can reach out and help them or new investors, it's really hard. 
 16:33: Like again, auctions, it's very hush hush, very, if you don't know when they are, where they are, you might not know about them, you know, so this can absolutely open the door to at least find properties, start looking at properties, send them to your team to do the due diligence for you, but definitely the starting point. 
 16:54: Yeah properties. 
 16:55: Now, we've seen a lot of demand and pre-foreclosures and it does seem like it can be very helpful if someone's in a tricky situation, if you can provide a solution to help them move out without having a foreclosure hit their, you know, their records and everything like that. 
 17:11: I've heard of a lot of case studies where it's been more beneficial and, and, and people are, are in the long run, I think, happy to be helped rather than To fall into the next phase of it. 
 17:22: Absolutely, I agree, and you know this month the foreclosure numbers just came out. 
 17:26: July had the highest amount of foreclosures in all of 2025. 
 17:30: July saw what a 13% year over year and 11% month over month. 
 17:37: Texas had like 3600. 
 17:41: New foreclosure starts in July alone. 
 17:43: Wow. 
 17:44: All of these, and I think the contributing factors are like, I mean, the houses, houses are sitting longer on the market, you know, people are reluctant to buy a house right now. 
 17:56: So imagine people who are in foreclosure, who were thinking maybe I can hurry up and sell. 
 18:02: Before my house goes up for auction, we're not in that market anymore, you know. 
 18:06: You put your house on the market and you're gonna sit and if you have an auction scheduled for 30 days, you don't have time to, you don't have the luxury to sit on the market right now. 
 18:16: And now we're seeing that in the foreclosure numbers starting to rise, so. 
 18:23: I, I totally understand what you're saying. 
 18:24: Down here in Southeast Florida, I, I call it between 2021 and really even a little bit longer than the peak around the country 2023. 
 18:33: There's a lot of FOMO buying. 
 18:34: People were buying without even seeing the property. 
 18:38: I mean, I remember helping sell my parents' property to an investor in California without even seeing the property, you know. 
 18:44: You know, so there was just so many, and, and when we were looking at different properties, there'd be 60 people out front, you know, and, and the house would be misrepresented. 
 18:54: They'd say it would be a, a 33, but it was actually a 3-2 with a little, with the oversized closet. 
 19:01: You're like, wait a minute. 
 19:04: And, and they were getting away with it and it would sell that. 
 19:06: Next day, you know, way overpriced and, and so I, I think a lot of people weren't anticipating that or anticipating the increase of when they bought that property at that higher value, how the taxes were gonna them and down here if you're on the coast, a lot of people didn't anticipate what was gonna happen with insurance. 
 19:25: I know in some places around the country, whether There's fire hazards or tornado hazards. 
 19:31: Insurance is going up and, yeah, it's just just like yesterday's market is not today's market, you know, I mean, I think it's so many factors contributing to what's going on in the housing market like you said, like natural disasters like these storms and taxes going up and people losing jobs and you know. 
 19:53: Just, and a lot of people, the houses are just unaffordable for a lot of people. 
 19:57: I think they said the average home price is like $430,000. 
 20:02: Like, I mean now in California, that's like, you know, but in the rest of the world, $400,000 house, you're looking at almost $3500 mortgage payment or more than that with taxes and insurance and just you know. 
 20:17: That's just unaffordable for a lot of people. 
 20:21: So I would go ahead, Tim. 
 20:24: Look, it's, it's I, I'm agreeing with you. 
 20:26: It seems like, and then I talked to people all around the country and it, it just seems like there's people who are in like a almost at a boiling point, right? 
 20:33: They, they're like the, the, the prices are just so much and even. 
 20:37: You know, on the rental sides, right, because a lot of these investors bought and they're pricing and the rents are going increasing. 
 20:43: So it's, it's gonna be interesting. 
 20:44: I mean, and you, you just mentioned the trends as far as what's going on in the foreclosures. 
 20:48: I'm, I'm curious to see what your, since you're so involved with the auction market and just foreclosures in general, what do you think is gonna happen, you know, the rest of this year? 
 20:58: Do you, I mean, I know, I, I know. 
 21:01: I know, but I'm curious, you know. 
 21:03: And I know my thoughts, and it comes from working on this side, like behind the veil basically with trustees and attorneys, and I'm actually getting REO certified in September because they said that bank owned market is about to explode and we should see foreclosures increasing for the next 5 to 6 years, you know. 
 21:27: And so this is, I don't, the banks haven't. 
 21:30: Turn the faucet on at all yet, you know, there, I saw one article that said we had like 6.6 million people behind on their mortgage. 
 21:39: I saw one article that said we got like 9.5 million people behind on their mortgage right now. 
 21:45: I'm in that camp of we're probably close to 10 million people behind on their mortgage right now, and you know they said again, I'm gonna go ahead and get certified as an REO agent here next month. 
 21:59: Because all the banks are gearing up, notices have started doubling. 
 22:05: Texas, Maryland, Florida, all these filings are starting. 
 22:09: I mean, we haven't foreclosed on people since COVID, you know what I mean? 
 22:14: We had a moratorium. 
 22:15: We have millions of people in foreclosure when COVID hit. 
 22:19: You know, so now we're seeing an increase in people losing their homes that just bought post COVID, right? 
 22:28: Like I had a property go up for auction and they just bought it in June of 2024, and it's a lot of people like that who are losing their homes and just bought them in the past couple of years, which is really sad, you know what I mean. 
 22:44: Yeah, so that's an increase that we're all noticing, and those are more than likely going to revert back to the bank because nobody's gonna buy that at the auction. 
 22:54: the opening bid would be too high. 
 22:56: Real quick to tell you at the auction, the opening. 
 22:59: bid is the loan balance 9 times out of 10. 
 23:02: Opening bid loan balance. 
 23:04: So if they just bought in the past 4 years, they owe that whole loan or they even overpaid when they bought it. 
 23:12: So when it goes up for auction, that opening bid is probably higher than what it's even worth now since the market has cooled off. 
 23:21: So nobody's gonna buy that at auction and they just go back to the bank, the bank. 
 23:26: You know, they become REO properties. 
 23:28: So you know foreclosure.com and start filtering by REO properties. 
 23:34: Yeah, wow, no, and I don't think, you know, inventory is not like wine. 
 23:39: It does not age well, right? 
 23:41: And, and I don't think the banks want that on their books. 
 23:45: I think it's It's it's not an asset when it's, it's a liability, right? 
 23:49: Someone's got to be paying for, right? 
 23:52: So no, it's, that's very interesting and it's sad to hear that. 
 23:56: But I mean we are seeing that we saw that with just the ending of the VA moratoriums and how that affected that increase and what's gonna happen there and. 
 24:06: I'm seeing some really scary numbers with the FHA loans and things like that. 
 24:10: Over 10% I think of FHA loans are in default right now. 
 24:13: Over 10% and then they're, they just passed a regulation that if you're in default on your student loans starting in October, if you're in default on your student loans, you can't go through loss mitigation on your mortgage. 
 24:27: So that would hurt a lot of people. 
 24:29: You know, so it's coming, it's coming. 
 24:34: No, and, and the time is prepared. 
 24:36: Get those teams ready, do your due diligence. 
 24:38: Don't FOMO by. 
 24:39: No, these are great, great ideas, great thoughts, great advice. 
 24:43: Thank you so much, Ashley. 
 24:44: This really has been amazing, you know, thank you for sharing your auction secrets with us. 
 24:50: I think, I think this is, I think a lot of people are gonna find. 
 24:53: tremendous value out of this video. 
 24:55: So if anyone has any questions or wants to get in touch with you, what's the best way they can contact you? 
 25:00: They can come to the auction. 
 25:01: I'm just kidding. 
 25:01: They can't. 
 25:03: Go to Memphis, Tennessee, go knock on Ashley's courthouse courthouses. 
 25:07: , I'm on YouTube. 
 25:10: You're agent Ashley on YouTube, Instagram, you're agent Ashley on Instagram. 
 25:16: I'm on TikTok, but I don't really TikTok like that, Tam. 
 25:21: But I'm on there. 
 25:21: I'm growing. 
 25:23: OK, I get it. 
 25:24: Thor H Ashley everywhere basically. 
 25:27: That's where they, I mean, come learn. 
 25:30: We will, we will make sure to add those links at the bottom of this video or the article so that everyone can find you and ask some more questions because this is great information. 
 25:39: I, I think. 
 25:39: , I think a lot of people are gonna have some more, questions for you. 
 25:44: Absolutely. 
 25:45: I've got answers. 
 25:46: Well, if you made it this far in the video, please don't forget to like and subscribe to our channel and hit that notification bell so you don't miss any updates. 
 25:54: And if you want to learn more about auctions, real estate foreclosures, please be sure to sign up for our free foreclosure alerts on foreclosure.com. 
 26:03: Until next time, I'm Tim Jones and thank you for watching.