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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Foreclosure auction questions.. Posted by Ward-CA- on June 04, 2003 at 7:10 AM In Reply to: 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? =•=•=•=•=•=•=•=•=•=•= John, There are 50 states and the District of Columbia. Each of them have their own foreclosure rules and procedures. Many are quite similar, but there are enough exceptions to make you leery of any broad generalizations. #1. They won’t take personal checks at a foreclosure auction. Here in CA the checks have to be drawn on a CA depository. They don’t have to be in cashier’s check form any more—they can be money orders, official checks, etc. #2. In CA you need to have to fully cover your bid at the time you make it. In some states a deposit is all you need. For example, in AZ all you need is a $1,000 cashier’s check to cover any bid. But if you don’t return with the balance within a day they keep your $1,000 and hold the sale all over again. #3. In mortgage states, where the sales are sometimes ratified in court, all you need is 10% in cashier’s check form and the rest in 30 days or more. #4. You’ll be surprised when you attend your first auction these days and see the bid climb to over 80% of FMV (fair market value) on every sale. You’ll think you’re on Mars because the bids are so high. Hope this helps. Follow Ups: Re: Foreclosure auction questions.. John - CA 9:34 AM, 06/04/03 (1) betting on appreciation Travis-CA 11:18 AM, 06/04/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : 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? : =•=•=•=•=•=•=•=•=•=•= : John, : There are 50 states and the District of Columbia. Each of them have their own foreclosure rules and procedures. Many are quite similar, but there are enough exceptions to make you leery of any broad generalizations. : #1. They won’t take personal checks at a foreclosure auction. Here in CA the checks have to be drawn on a CA depository. They don’t have to be in cashier’s check form any more—they can be money orders, official checks, etc. : #2. In CA you need to have to fully cover your bid at the time you make it. In some states a deposit is all you need. For example, in AZ all you need is a $1,000 cashier’s check to cover any bid. But if you don’t return with the balance within a day they keep your $1,000 and hold the sale all over again. : #3. In mortgage states, where the sales are sometimes ratified in court, all you need is 10% in cashier’s check form and the rest in 30 days or more. : #4. You’ll be surprised when you attend your first auction these days and see the bid climb to over 80% of FMV (fair market value) on every sale. You’ll think you’re on Mars because the bids are so high. : : 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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