How does foreclosure auctions work?
Do you have to pay the whole thing at the auction or do they give you time to pay the whole thing within some time frame? Well I got sick of trying to buy property off people who brought them in government auctions and do nothing with it and me giving them free money seems…
Do you have to pay the whole thing at the auction or do they give you time to pay the whole thing within some time frame?
Well I got sick of trying to buy property off people who brought them in government auctions and do nothing with it and me giving them free money seems like. Thanks for all your info. I’m thinking of going to the brooklyn court house and giving a try :p.
ACW- I also suggest you go and watch for a few times before trying to bid on anything. There are people that do this for a living and they know their stuff. Most do not need financing.
Most of the good stock is sold prior to auction. The foreclose attorneys know the seasoned investors and the good stock is almost always gone before they hit the court house steps.
If it was easy we would all be doing it.
do they sell cashiers checks in the auction or you have to pre purchase them?
They advertise the terms of the auction before the bidding starts, and usually on the sheriff’s office website. Typically 10% down with balance in 30 days – cashier’s checks. Go to a couple of auctions before you bid to see how they work. You’ll probably find the action is dominated by professional auction goers – carpetbaggers with loads of cash who buy up the properties as cheap as they can, do enough work to get them to market and flip them around. I tried buying a bicycle at a police auction website once, I found that I was consistently outbid at the last second by a pro, I gave up.
Remember the auctions are as is, and you may be required to satisfy property debt holders, so do research before you bid.