If you are looking to acquire your own home or invest in real estate property, you might want to consider checking out public real estate auctions in your area. In auctions you will usually find foreclosed properties that you may get at lower than market value if you are the highest bidder.

You must however keep in mind that these are previously owned properties so you may not actually be sure about the state of these properties until after you’ve purchased them. That means that before participating in public real estate auctions, you must have the correct set of expectations.

Remember that if you have gotten the property at the auction for a price way lower than market value then you might have to be prepared to do some investment in refurbishing the property. There also may be legal ramifications when you’ve purchased properties from real estate auctions so it is advisable to consult a real estate lawyer for instances such as these.

I have looked at going this route in Japan as a new house is far more than I am willing to pay for a house. There are some pitfalls to shopping via auction so I wouldn't recommend it to just anyone. Still the above was well worth the read.