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How does buying a home thru auction work???

  • August 20 2014 - US
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Answers (1)

It depends on the type of auction.  There are private auctions, public auctions, trustee sales, sheriff sales, etc.  All have different rules.  There are internet auctions like Auction.com and Hubzu.com that allow you to bid online.  Some auctions require a "reserve price" to be met before the property can be sold other are absolute.  Some charge a Buyer's fee that is added to the purchase price.  Some require cash others allow financing.

So you need to first find out which auction the property is being sold at, then read the rules & requirements for that auction.  While auctions can be a good deal, you can also end up paying too much if you do not know what you are doing.
  • August 20 2014
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