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Auction Rules of Bank of America

What are the rules of Bank America to bid on this house if (102 Ashley Point- Andalusia, AL) goes to auction?
  • August 04 2012 - Andalusia
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Answers (4)

Profile picture for Rita Walker
Just guessing here .... Auction meaning commissioners sale?
1st rule is you must not be the person nor related to the person foreclosed upon.

Check the foreclosure or commissioners sale lists online. See the rules and what you need to do. Check the appraisal online.

Be prepared have cashiers check in hand (day of sale) for the amount stated in sale documents. Financing must be approved or proof of funds must be in hand also. 

Be prepared to buy the home sight unseen. AS IS! WHERE IS! with all flaws.

Remember you are not only bidding against investors, but also the bank that holds the mortgage.

Good luck and have fun!
  • November 20 2012
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Attend trustee sales...referred to as foreclosure auctions

Expect to bid against 20-50 other people, most of them professional bidders.  These bidders represent individual investors, primary residence buyers, second home buyers and small to large investment firms.

There's about an 80% chance the house you want to bid on won't go to sale that day.  It will likely get postponed, perhaps because the owner is working on a loan modification or short sale. 

If by chance the property does go to auction the day it's scheduled there's only a 30% chance the opening bid will be set low enough for you to join the fun.

Good Luck...

or you can contact a realtor in your area to help you locate REO or short sales within your budget and make an offer equal to recently closed transactions for similar property
  • November 20 2012
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Hello Nick,
I wanted to find out about private auctions from bank of america and was wondering if you might know any website were I can apply?

Please help if you can.

Thank You
  • November 20 2012
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What type of auction?  At the courthouse or a private auction?

Both set their own rules, you will need to contact them for the details.  The bank will set a minimum acceptable price, if it's not met.  It will go into the banks inventory.

At the courthouse, it's all cash.  A private auction may offer financing, but you will need to be pre-approved by one of the auctions lenders.

At the courthouse, be careful, there may be other liens on the property which you may become responsible for.

At the private auction usually, but not aways, the other liens have been cleared.

Care is advised, if you've never been to one it is mandatory that you find someone who has and bring them with you and pick their brain in advance to know what to look out for and do in advance before bidding.

I've seen and heard many horror stories regarding auctions.  With proper preparation and knowledge, you reduce your chances of becoming the next one.

  • August 04 2012
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