After Auction...

I realize there are other posts about the after auction process but i wanted to get some info cleared up...

I am trying to find out what costs are at the tail end of the auction (auction fees, closing costs, escrow fees, etc.)

any help here would be much appreciated. I am new to foreclosures and have an investor who is ready to roll and is awaiting me being educated on the process. Currently i have finished reading "The Pre-foreclosure Property Investor Tool Kit" which i found to be very informative but am just trying to gain more understanding...

Thank You

Comments(5)

  • bc118th March, 2005

    When you purchase at auction, what you are purchasing is the interest that the foreclosing beneficiary had at the time of the sale. Sale expenses, such as attorney fees and trustee fees will be included in the sale minimum bid. You will have to purchase title insurance (if you decide to), fire insurance, pay back RE taxes, and deal with any superior liens or judgements.

  • clickrewind18th March, 2005

    thank you for the response, it was definately helpful. I had heard that a specific percentage was issued at the end of the auction and you had to pay that as well.

    If anyone has anything to add, please do, i would love to gain more insight. Thanks

  • marv_wi21st March, 2005

    Hey Clintastic,
    Glad to meet a fellow investor in the upper midwest. lot of good info here.
    I sent you a pm and looking forward to hear from you.
    Marv

  • karensilver24th March, 2005

    Join it is well worth it Welcome!

  • clickrewind24th March, 2005

    anybody with any thoughts here, at all?

Add Comment

Login To Comment