First Foreclosure Sale
I went to my first sale yesterday just to watch what goes on. I still have some questions. First of all let me see if I understand the process:
1) Win the auction
2) Pay the deposit
3) Wait for 10 days to allow for upset bids
4) Pay remaining amount and receive signed deed
If this is correct, what is the buyers relationship to the property during the 10 day period, when does the buyer hold title to the property, and when can rehab work begin?
check with your courthouse. Every state has different laws and there are different types of foreclosure procedures.
After the 11th day, the property is officially the buyers. You can start rehab the same day as the sale. But your money will be at stake until the 11th day. So basically two business weeks.
After the 11th day how much more time do you have before you are required to pay the remainder of the winning bid?
30 days from the day of the sale.
Is that 30 days including weekends, or 30 business days?
Thanks for the responses.
Hi - I just went to my first trustee sale the other day too -- just to watch and see what went on. It was very interesting. Everyone was very friendly and seemed to know each other. I guess they see each other every day!
Anyway, it seemed very easy. You just needed your $10,000 check and then just bid. You did need to pay the trustee service by 5 PM the next day in full. And in our state there is no redemption time and eviction is fairly easy.
Most of the bidders were very free with their info and made me feel I could do this. Why is the first time doing almost everything the hardest? It was a very good experience and boosted my confidence.
I have, but the lien was against the person and not the property.