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how do i buy a home at an auction?

  • January 27 2014 - Palmdale
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Answers (3)

Hi,

Auctions for the most part require all cash to bid and purchase. There are a couple of auction sites that do allow financing however you have to qualify with their lender at their terms. There are plenty of Foreclosures and Short Sales that offer great value. I'm a Local Agent in Palmdale. Please contact me if you would like more information. 

Good Luck!
  • August 17 2014
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Are there a lot of foreclosures where you want to buy? The reason why I ask is because foreclosures have decreased dramatically recently. For example, in Sacramento County they went from about 40% of all sales in Dec 2010 to only 7% in Dec 2013. Normal equity sales now make up about 80% of the market here now. If you're looking for a deal be sure to include equity sales in your search.

Jason Walter
REALTOR - lic #01923240
Certified Public Accountant (CPA) - lic #103885
  • January 29 2014
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It usually depends on what type of auction it is and the site that they are using.  Some auctions are 'cash only' while others allow financing.  A lot of auctions are open bids meaning you can see what other people are bidding.  Normally the general bid is simple to put in and paper work will be required later in the process.  It is still important to get inspections especially because the people running the auction generally have no information or knowledge about the homes.  Some auction sites are Auction.com, Pemco.com and HUBZU.com.  Good luck!
  • January 27 2014
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