Quote:
Originally Posted by Porsche-O-Phile
As a general rule you show up on the courthouse steps with either cash or a bank check, make your bid and pay on the spot.
|
Yes and no. Typically, a foreclosed home will be auctioned off via trustee sale, either at the county courthouse or trustee (lawyer's) office. However, unless you have prior knowledge of the property, you are buying sight-unseen (other than a drive-by), and As-Is with no opportunity to inspect the property. Also, most of the properties revert back to the first lien-holder anyway, as the minimum bid is usually what is owed on the 1st (which is typically more than the home is worth, ala foreclosure). However, there are quite a few banks that are allowing/stipulating last-minute "drop-bids" and deals can be had. That said, buying at trustee sales is not for the weak of heart. You will usually need a $10k+ cashiers check for each property you intend to bid on. Then, if you do bid and win, each property will need to be paid in full by end-of-business the following day.