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Before I go to foreclosure auction, I was told I need to bring cashier's check. So do I make that to my name? I am guessing I will have few checks in hand since not sure on the exact amount.
Is that how it works?
Before I go to foreclosure auction, I was told I need to bring cashier's check. So do I make that to my name? I am guessing I will have few checks in hand since not sure on the exact amount.
Is that how it works?
Who told you that?
Doesn't make sense if you don't know how much you will be paying if you win the bid.
Generally you are given until the next day to present funds.
You can make the cashiers check out to your name. In excess over your winning bid will be returned to you usually within 2 weeks. If you don't want to pay over just bring checks for different amounts so you can get close.
Before I go to foreclosure auction, I was told I need to bring cashier's check. So do I make that to my name? I am guessing I will have few checks in hand since not sure on the exact amount.
Is that how it works?
Thanks.
Quote:
Originally Posted by jackmichigan
Auction practices vary. You should just check with whomever is conducting the auction.
Jack knows what he is talking about. You MUST know the local rules of auction.
Will your targeted distressed property offer the owner a redemption period? Or do you close immediately on the purchase when the winning bid is struck?
Can other potential buyers upset your bid after the auction?
In NC, I am accustomed to a property owner having a redemption period, and the auction winner making a deposit.
And, here, there is a period of time where other buyers can make an upset bid.
Ask the auctioneer, most likely the Sheriff's civil division.
I am in MN. I brought a check for the amount of the first mortgage amount, plus 5-$1000 checks just in case I needed more. You can generally pay more, then they send back change.
I had to pay that day. No wait for tomorrow.
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