Zillow Advice: Home Buying - House Auctions? http://www.zillow.com/advice-thread/House-Auctions/265575/ Zillow Advice | Zillow Real Estate Really appreciate your input.&nbsp; ... http://www.zillow.com/advice-thread/House-Auctions/265575/ Really appreciate your input.&nbsp; Thank you.<br/>I am a first time buyer and see a great house<br/>going for auction but is 4 hour drive from where<br/>I live.&nbsp; The house is in CA.<br/>Need to see if it's advertised in their newspaper.<br/><br/>You helped me a lot.&nbsp; I had no idea at all. Sat, 08 Aug 2009 15:32:00 GMT http://www.zillow.com/advice-thread/House-Auctions/265575/ 2009-08-08T15:32:00Z Mortgages may vary but most ... http://www.zillow.com/advice-thread/House-Auctions/265575/ Mortgages may vary but most will be a Trust Deed and Note. Utah law may be different but in general:<br/>Houses are usually auctioned after the borrower defaults on the <a href="http://www.zillow.com/mortgage/">loan</a> (90 days late). Typically&nbsp; 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 <a href="http://www.zillow.com/homes/for_sale/fore_lt/">foreclosure</a> 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 <a href="http://www.zillow.com/directory/lenders/">lender</a> 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.&nbsp; Sat, 08 Aug 2009 03:44:00 GMT http://www.zillow.com/advice-thread/House-Auctions/265575/ 2009-08-08T03:44:00Z