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Forums » General Foreclosure & Pre-Foreclosure Forums » Deposits at foreclosure auctions

Deposits at foreclosure auctions Subscribe to Deposits at foreclosure auctions

6 posts by 4 users

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Jim Francis

Real Estate Investor · Alabama


Forum_avatar_avatar-grinder

Icon_minipost Nov 07 '05, 09:45 PM

Do you need to bring cash to foreclosure auctions? Is there some deposit that you have to put down or do you have to pay in full for everything up front? thank you.

Edited: 06/26/2010 at 02:53AM


Jim Francis

Real Estate Investor · Alabama


Forum_avatar_avatar-grinder

Icon_minipost Sep 06 '08, 04:30 AM

Years later, I still haven't been to one. Does anyone have the answre here?

Edited: 06/26/2010 at 05:51AM


Jon Holdman

Real Estate Investor · Denver, Colorado


Forum_avatar_avatar-wheatie
ModeratorPro

Icon_minipost Sep 06 '08, 04:35 AM

Depends on the state. Here in CO you have to pay in full at the auction.

Edited: 06/26/2010 at 05:51AM

Small_flying-phoenixJon Holdman, Flying Phoenix LLC


Gus S

Real Estate Investor · Los Angeles, California


Forum_avatar_avatar-gus

Icon_minipost Sep 08 '08, 05:59 AM

If you are asking about a commercial auction such as REDC you only need to bring a cashiers check made out to you for $5k. Many properties can be financed on the spot but many winning bids fall through and may have been better served if they were preapproved by the onsite lender before the auction.

Edited: 06/26/2010 at 05:52AM


Mike Henderson

Residential Lender · Littleton, Colorado


Forum_avatar_avatar-mrgenius

Icon_minipost Sep 16 '08, 03:56 PM

Yes you are both correct. I've been two a total of 4 REDC and Marshall and Hudson auctions. I have been to one Jefferson county trustee auction. At govt. auctions it's cash on the barrel. The others the deposits in certified check is made out to cash I believe. They have lenders for on the spot financing.

I think I am starting my marketing plan is passing the Colorado Realty exam and going to those auctions. They offer the registered agent, when people sign up for registration at the auction gets 2%. What if I agree to kick back 50% of the transaction the moment I get paid. Hey Mr. Buyer would you like an extra 1% discount without doing anything.

Want to go to an auction Wheatie or Joshua?

Edited: 06/26/2010 at 05:56AM


Jon Holdman

Real Estate Investor · Denver, Colorado


Forum_avatar_avatar-wheatie
ModeratorPro

Icon_minipost Sep 16 '08, 07:56 PM

Yeah, maybe. I'm more interested in rentals, and I think that's tough in Jeffco. But, it would be interesting to actually see the process. Now that there's no longer a lengthy owners redemption period, it might be a source of deals.

Edited: 06/26/2010 at 05:56AM

Small_flying-phoenixJon Holdman, Flying Phoenix LLC


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