Can anyone tell me how a house auction works. I want to buy my first home... Do all of the papers need to be signed that day? deposit that day? how much? What happens if no one bids, but i'm really keen, do I bid?
2007-03-21 00:49:45 · 3 answers · asked by Lisa 1 in Business & Finance ➔ Renting & Real Estate
usually they ask for a 10-15% deposit at the time of the auction. As far as paperwork goes, I am sure there is some paperwork to go along with the auction, but the majority would be done at closing. Usually the remaining balance is owed within 10-20 days later. If noone bids- then the seller must go thru alternate means of selling. Good Luck!
2007-03-21 00:58:40 · answer #1 · answered by joan c 2 · 0⤊ 0⤋
you have to call the auction house and find out thier rules they may want 10% to hold it for you
but plz plz plz remember some of these houses have sat for yrs and yrs with no heat on and no one running the water
you may run into BIG problems like a new furnace new plumbing remodeling
also alot of these houses have been destroyed by the old owner after being tossed out
you can only peek at the houses sometimes and can't get in some let you snoop around
2007-03-21 07:58:54 · answer #2 · answered by elite_women_rule_the_rock 6 · 1⤊ 0⤋
You want to get preapproved for a home loan first. This way you know how much you can bid at the auction.
2007-03-21 19:12:58 · answer #3 · answered by Anonymous · 0⤊ 0⤋