Public Auction Question
There is a property in my area that is going to be auctioned in a week. I had noticed this property only a few days ago and was going to inquire about it, but then today I see there is a sign in the yard about the auction.
It needs a little work, but I have a price in mind and if I get a chance, I would really like to get in on the action.
I am totally new at this. I know there will be tons of competition. Any tips on auction bidding would be greatly appreciated. Is there any point in trying to contact the bank and buy it from them at this point? 
The thing about auctions is to have your finances in order. You will need 10%-20% for a deposit at end of auction if you win the bid. You must also be ready to close within 30 days.
Make sure you do your due diligence before the auction. You will need to research all encumbrances that may be attached to the property and know which one is foreclosing.
Also, you can’t buy the property from the bank (yet) because they do not own it at this point. If they will take it back at the auction, then it becomes REO and you can negotiate with bank.
Dmitry.
Kolette,
It depends on the type auction your speaking of. If it is a trustees auction, a special real estate auction, a general auction or? The best advise is know going in the absotute maximum you can/will bid and do not exceed. Do not get carried away in the excitement, unless I am calling the bids or unless it is my property being sold ;-}/
The best to you, happy/fun bidding.
Ozzie[ Edited by ozzie on Date 04/14/2004 ]
I'm doing the same thing next week in my town. I'm not sure if there any things I need to look out for. I am totally clueless. Are there any unforseen circumstances like liens against the property I should check into? I assume not. It is being auctioned by an auction company for the bank. I understand all the terms as 10% down closing within 30 days, open house the day before, drivers license to register, ....it explains the process on the website. Seems very cut and dry to me.
Should a complete new bee like me just go for it?
And could I contact the bank to make an offfer before the auction?
If so how do I find who the bank is/
Thanks