2007-12-13 11:16:40 · 6 answers · asked by WANDA B 1 in Business & Finance ➔ Renting & Real Estate
Auctioneers of real estate in New York must be licensed real estate brokers - I can't speak for other states - and can help you line up financing in advance of the auction. The successful purchaser must be ready to close by a pre-specified date. Cash will get the job done, but is not required, and full payment and transfer of title do not happen the day of the auction.
2007-12-13 11:22:14 · answer #1 · answered by curtisports2 7 · 3⤊ 0⤋
This varies by auction house. Some auctioneers will accept a bank letter that you are approved to a certain amount and will allow a set number of days for you to pay in full.
But with others, cash is king.
2007-12-13 19:31:55 · answer #2 · answered by godged 7 · 0⤊ 0⤋
Contact the agent handling the auction. Here (australia) generally you need 10% deposit to be paid the day of auction (bank cheq) with settlement within 30days.
Better to ask the people handling it because you don't want to miss your dream home because of not fact finding.
(dont forget to put in contract clause for building inspections etc)
2007-12-14 07:21:38 · answer #3 · answered by Sharon P 3 · 0⤊ 0⤋
Cash is the best option, but if you don't have it, you need to have financing in place before you bid
2007-12-14 08:36:15 · answer #4 · answered by Classy Granny 7 · 0⤊ 0⤋
I believe it depends on if you are attending a private auction, or a sheriff's sale. Typically at a sheriff's sale it is cash only (in Ohio).
2007-12-13 19:26:18 · answer #5 · answered by Anonymous · 0⤊ 0⤋
cash money..
2007-12-13 19:19:16 · answer #6 · answered by Winter Glory 7 · 0⤊ 0⤋