Profile picture for happygarden1001

House Auctions?

How are house auctions done?
What do I need if I go?
Where do I find the details?
First time buyer.
  • August 07 2009 - Big Bear City
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Answers (2)

Profile picture for happygarden1001
Really appreciate your input.  Thank you.
I am a first time buyer and see a great house
going for auction but is 4 hour drive from where
I live.  The house is in CA.
Need to see if it's advertised in their newspaper.

You helped me a lot.  I had no idea at all.
  • August 08 2009
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Mortgages may vary but most will be a Trust Deed and Note. Utah law may be different but in general:
Houses are usually auctioned after the borrower defaults on the loan (90 days late). Typically  a Notice of Default is filed with the county recorder, there is a period during which the borrower can make up the back payments(120 days). If not the sale is advertised in a local paper. The minimum bid is the amount owing on the loan. In today's market most homes going into foreclosure are selling for less than the amount owing, (no point in buying for more than it's worth). If there are no other bids the lender takes possession of the home. If someone does bid on the home there is a minimum deposit required at the time of sale and payment in full is due within 24 hours. This isn't a likely scenario for a first time buyer. You will be much better off getting pre-qualified for a loan, know what you can afford to look at and being prepared to put as much down as you can. Find a local lender, start with the one you already do business with, and then find yourself a buyer's agent. 
  • August 07 2009
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