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Auction
Procedure
- Mortgagee's
foreclosures are public auctions. The auctions are held in
front of the properties. You only need to be there 10-15
minutes prior to the advertised time.
-
If you wish to bid,
you would need to have a bank check made payable to
yourself or cash in the deposit amount specified in the
paper or on the web matrix.
-
Auctioneer will make
an attempt to gain access to the property, but makes no
guarantees for a walk-through prior to the bidding. The
owners are still in possession up to the time of auction.
- The auctioneer will
disclose any outstanding real estate taxes and liens.
- It is open bidding
and the bank representative has the option of bidding on
behalf of the
Mortgagee.
- Should you be the
high bidder, you would endorse the check over to the bank
and it would serve as a deposit on the property.
- In addition, the
high bidder signs a contract obligating him or her
to fulfill their
obligations under the terms of the contract.
- You should have your
financing in place as you need to close in 30 days.
- If for any reason
you cannot obtain a mortgage or change your mind, you
would then be in default and could lose your deposit
amount.
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