Foreclosure and auctions

2 Replies

I have bought 4 foreclosures and I am familiar with dealing with the banks on those. I recently have looked into auction.com and see that some of the foreclosures go on there as well. They ask for a good chunk of an amount for a deposit. Has anyone ever used this site and will you get refunded if you do not win the bid? Also, do they go on that site in the first stage of the foreclosure or how exactly does that work? When is it best to go after the house for the best price from others experience?

Auction.com is a reputable trustee.  The first stage of a foreclosure is the county courthouse auction.  Auction.com is just one of a great number of trustee's that auction off the property at the court house steps for cash.  As far as their online auctions that is a separate deal entirely.  I have not dealt with their online auctions, just their courthouse ones.  I'd assume they refund deposits if you don't win.  I'm sure it's in their fine print somewhere.  This isn't like an ebay bid where the ending time is exact.  If someone bids last minute, the auction will be extended to allow more bids.  Hope that helped

Hey Josh do you have any leads of people in pre-foreclosure where we could do a wrap mortgage with them?

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