I won the online bid, now what

3 Replies

Please help. about 2 weeks ago I was watching a house on an online auction and it went up over $150,000 and auction ended. I noticed today it was back on the site and I started bidding on it. I was up to $115,000 and I left my office. I later received an email notification that I won the bid. Now what do I do??? I submitted some paperwork and tomorrow have to give a deposit with POF. I went to the town hall and there are no tax, water, or other leans on the house with the town. The house is occupied. What do I do. Wait until it closes to send notification to leave or do that now. Can I do a tank sweep since the house is occupied? I took pictures of the exterior of the house today as to show the state of the house when I put the bid in. Am I still responsible if the person living in the house trashes it between now and the close- breaks all windows, burns it down. Do I get insurance now on the house? I have not evaluated the inside of the house since I can not get in. Do I approach the owner for any reason- try to see the inside?

This is my first auction and my intention would be to renovate it and rent it out, refinance out to get money back out.

The house is in Morris County, NJ

Thank you for your help and guidance

Your post was 10 days ago. Sounds like a bank sale. they should have terms related to the sale. Did you close?

As far as I know you need to wait until closing before doing anything with the interior of the house. I would say get insurance set up for the day of closing. Sounds like a fun project. What are your plans with the property?

I have submitted all the paperwork and now waiting for a close date. There is still someone in the house. I have already contacted an insurance co regarding covering it on the day of the close. 

I would love to get inside see what needs to be done, get a renter and refinance it out since I will be using hard money to close in cash. 

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