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Buying at the auction

Posted by John, CA on June 03, 2003 at 5:36 PM

Ward,

What are the rules when buying at the auction?

1. Do they take personal checks or must it certifed/cashier checks only.

2. How much do you need to pay, it is a deposit first or whole lump sum?

3. What about balance if any, how long do you have to pay it off? 2-3 days or 20-30 days or?

4. If I fail to bid at auction, then what's your suggestion on how much more should I offer the foreclosure winner? 70-80% LTV or much more you think?


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