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How a Typical Foreclosure Auction Takes Place
from:There are different types of foreclosure auctions, but they all have some common denominators. (1) Foreclosed property in the form of a house, land and sometimes personal property, like jewelry, cars, or furniture. (2) A seller. This may be a bank or other lending institution or the city/county government for back taxes. (3) A bidder. These individual can be real estate agencies, other investment brokers, or private citizens.
The auction begins with the auctioneer reading a variety of legal notices and legal descriptions of the property being sold. The opening bid is set by the foreclosing lender. Most usually this bid is equal to the outstanding balance on the loan, the interest accrued, and attorney fees with any other fees connected with the sale. If no bids are higher than the opening bid set by the lender, then the property will be bought by the attorney carrying out the sale for the lender.
They will then begin taking bids on the foreclosed property as set by the opening bid from the lender. If a bidder has not already been pre-qualified by the auctioneer before the auction began, he/she will be asked to give their deposit check to the auctioneer. Most residential auctions require a deposit check of $5000. The auctioneer will then ask for the bidding to continue to get a higher price. This is usually done in increments of $100, $500, or $1000.
Bidding continues until the auctioneer assesses that the bidding has stopped and the highest price has been bid. He/she will then announce "going once, going twice, going three times, sold!" The auction is then ended.
Foreclosure deeds and purchase papers are drawn between the new purchaser of the property and the mortgage holder. A grace period to allow the purchaser to line up financing will be given. Most of the time this is thirty days.
Once financial arrangements have been secured, closing will take place and the new owner will officially take title to the property.
The auction of foreclosed property will usually be in front of the home being sold. However, this auction can be at the county clerks office as well. Auctions for back taxes are usually held on the courthouse steps. Check with the sheriff's department or the auctioneer handling the auction for details on where the auction will be held. Come early, you will have competition.
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