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how do you bid on auction home

  • June 09 2013 - Clarksdale
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Answers (4)

If you're talking about purchasing the property at the sheriffs auction, make sure you do your due diligence. Any liens that are attached to the property could become your responsibility. Plus you're often required to pay cash at a sheriffs sale - due on sale. (which means no loan).

Plus you need to know the laws of your state regarding redemption. In many states the homeowners have up to 6 months to make good on their loan. Legally they still own the home for those 6 months so that keeps you from taking possession for at least 6 months.
  • June 13 2013
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Profile picture for VisualDeyana
If I have been bidding on a short sale home for a few months now and the seller has not followed through with her paperwork and the home now goes to Auction on July 30th - do you recommend trying to buy it at auction?
  • June 13 2013
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There will be a buyer's premium or extra charge to pay as the buyer at an auction. You will have to register to bid. You could have an agent register on your behalf. You will be expected to pay a certain amount on the day the auction closes if you win the bid. Be advised that in some cases, even if you win the bid, the seller may have the option to not take the bid. Be sure to read the fine print. Never go into an auction without the funds to buy secured, or you will find yourself in a mess with a legal obligation to buy.
  • June 09 2013
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Profile picture for Ofe Polack
First of all you attend enough auctions so that you know what you are doing and ask a lot of questions, secondly you follow the auctioneers instructions on that particular property.  Be well informed about the property before you place a bid, most of the information about the property is public and accessible to buyers prior to auction.
  • June 09 2013
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