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Non Compos Mentis
Join Date: May 2001
Location: Off the grid- Almost
Posts: 10,653
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The real estate auctions I've attended require payment in full on the spot. You need to show the auctioneer a Cashier's check for at least the minimum bid in order to bid. If you are the top bidder, you must give him payment right there.
As you don't know what the winning bid will be, the normal thing to do is have a big check for the property you want, plus a few extra $5000 or $10,000 checks, as much as you're willing to pay. You will be refunded any amount over the winning bid upon closing.
There are bargains, but only if you do your prior homework. Having a friend in the title business who can research properties is a big plus.
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