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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Basic Sale Questions Posted by SeanW on June 03, 2003 at 6:49 PM In Reply to: Buying at the auction posted by John, CA on June 03, 2003 at 5:36 PM : 1. Do they take personal checks or must it certifed/cashier checks only. Certified funds only. : 2. How much do you need to pay, it is a deposit first or whole lump sum? Depends on your state. In CA it is 100% due on sale. : 3. What about balance if any, how long do you have to pay it off? 2-3 days or 20-30 days or? No financing is available at a trustee's sale unless you are experienced, and know private lenders. : 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? The winner of the sale might flip it to you for a few thousand extra, if you can get your financing lined up and close within a week. But he may also be shopping around for other buyers, so you have to act fast. What you should pay for a property depends on what you intend to do with it, how clean it is, and how strong a seller's market is going on. (Be careful of knowing all your closing expenses. Title, escrow, buyer's agent fees and transfer tax really add up.) Keep studying the forum, answers like these are here, and Ward has spent over a year explaining it all. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : 1. Do they take personal checks or must it certifed/cashier checks only. : Certified funds only. : : 2. How much do you need to pay, it is a deposit first or whole lump sum? : Depends on your state. In CA it is 100% due on sale. : : 3. What about balance if any, how long do you have to pay it off? 2-3 days or 20-30 days or? : No financing is available at a trustee's sale unless you are experienced, and know private lenders. : : 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? : The winner of the sale might flip it to you for a few thousand extra, if you can get your financing lined up and close within a week. But he may also be shopping around for other buyers, so you have to act fast. What you should pay for a property depends on what you intend to do with it, how clean it is, and how strong a seller's market is going on. (Be careful of knowing all your closing expenses. Title, escrow, buyer's agent fees and transfer tax really add up.) : Keep studying the forum, answers like these are here, and Ward has spent over a year explaining it all. 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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