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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Foreclosure auction action Posted by Dom on January 01, 2006 at 4:14 PM In Reply to: Foreclosure auction action posted by Ward-CA- on March 02, 2002 at 2:19 PM In Answer #2 below: 2. Increments should be in the form of a doubled up progression starting with $1,000 then $2,000, then $4,000, etc. Of course if you have to overpay you’ll get the difference. Usually when the foreclosing trustee sends you your trustee’s deed. . In McHenry County Illinois what does that statement mean? Does it mean that if a property foreclosed on at $112,000 and I had the winning bid for $120,000, would I recieve the difference or would that go to the previous homeowner? Thanks, Dom : : I attended my first auction (as an observer) and left with a few questions: : : 1) I have read many times that if a lender does not bid at auction, you shouldn't either. How do you you know if the lender is present? : : 2) The bidders brought multiple checks - I assume one check for the opening bid + additional checks in incremental amounts. How much should the increments be? If you are the successful bidder and don't have the exact amount, will you be given change for the difference? : : 3) When the auctioneer announced the status of each property at the beginning of the auction (whether a sale was postponed & for what reason, etc.) he was barely audible and spoke extremely fast - is this typical? Is his list in a particular order so that everyone can follow along with their lists? : : Thanks in advance. : =•=•=•=•=•=•=•=•=•=•= : Mary, : 1. I have never heard of such a rule and I have never bought a foreclosure where the lender was actively bidding. : 2. Increments should be in the form of a doubled up progression starting with $1,000 then $2,000, then $4,000, etc. Of course if you have to overpay you’ll get the difference. Usually when the foreclosing trustee sends you your trustee’s deed. : 3. To an outside observer the auctioneer palaver must sound like speeded up Greek. But to the participants it all makes sense. The auctioneer’s list is usually a courtesy for the attending bidders and isn’t required by law. : Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : In Answer #2 below: 2. Increments should be in the form of a doubled up progression starting with $1,000 then $2,000, then $4,000, etc. Of course if you have to overpay you’ll get the difference. Usually when the foreclosing trustee sends you your trustee’s deed. : . In McHenry County Illinois what does that statement mean? Does it mean that if a property foreclosed on at $112,000 and I had the winning bid for $120,000, would I recieve the difference or would that go to the previous homeowner? : Thanks, : Dom : : : : I attended my first auction (as an observer) and left with a few questions: : : : 1) I have read many times that if a lender does not bid at auction, you shouldn't either. How do you you know if the lender is present? : : : 2) The bidders brought multiple checks - I assume one check for the opening bid + additional checks in incremental amounts. How much should the increments be? If you are the successful bidder and don't have the exact amount, will you be given change for the difference? : : : 3) When the auctioneer announced the status of each property at the beginning of the auction (whether a sale was postponed & for what reason, etc.) he was barely audible and spoke extremely fast - is this typical? Is his list in a particular order so that everyone can follow along with their lists? : : : Thanks in advance. : : =•=•=•=•=•=•=•=•=•=•= : : Mary, : : 1. I have never heard of such a rule and I have never bought a foreclosure where the lender was actively bidding. : : 2. Increments should be in the form of a doubled up progression starting with $1,000 then $2,000, then $4,000, etc. Of course if you have to overpay you’ll get the difference. Usually when the foreclosing trustee sends you your trustee’s deed. : : 3. To an outside observer the auctioneer palaver must sound like speeded up Greek. But to the participants it all makes sense. The auctioneer’s list is usually a courtesy for the attending bidders and isn’t required by law. : : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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