Profile picture for user151159

can anyone attend an auction and purchase, and are there guidelines to purchasing.

  • January 29 2013 - Whittier
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (3)

Hello,

In response to your question, yes anyone can attend a public auction and purchase a "lien" not necessarily a property itself.  What you are bidding on at a public auction is, for the most part, a lien that has been placed on the property and is therefore attached to the property.  You have to be careful when attempting to purchase a property at public auction because you are not necessarily bidding on the property itself.  You will have to do your homework in terms of title checks, lien/loan checks, taxes owed or due (which will have to be paid), etc. 

Buying at auction is a very risky venture that like all things that pay out, require serious understanding of the complexities behind them. 

Broker/General Manager, InvestorForeclose Corporation
  • February 22 2013
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Sure, Most Auctions required 5% or $5k to bid, but you have to be ready to pay the balance same day or within a few days. although some auctions may accept financing. you have to do the research first. and speaking of research most properties are not available to see or be inspected. so, you're buying blind folded. you need to make sure title is free from encumbrances etc. on top of that most likely you have to evict current occupants (through eviction process).
 It's a lot of work but if it's done right it pays off.  
If you're not familiar with it you'll have a headache and may not even save you money.

Hope this helps

  • February 11 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Yes, anyone can buy at an auction. You need to do much of your research up front. Many times, there is no opportunity to see the home prior to the auction and there is no chance to do any inspections of the property. You also need to be ready to pay for the property. You can't go to an auction then figure out how you're going to get the loan afterwards. You should contact your county to find out what the financial requirements are and when you have to present a check, etc.
  • January 29 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.