Courthouse Step Auction Questions
Hi,
I am looking into California courthouse step foreclosures and had a few questions:
1. If you are the winning bidder at the courthouse is it true that bank cannot decline the winning bid? They just credit bid up to the amount owed plus legal fees or bid as any other auction participant would if they want to buy the property in excess of the amount they are owed?
2. If you determine the home is not occupied after a successful bid at auction do you typically change the locks and secure the property prior to the deed recording? (I have read some do this the day they win the bid)
3. Can you take out a vacant property insurance policy the day you successfully bid? (Do you need to wait until it records?)
Also want to mention I am aware there are many other variables.
Thanks
#1 All Forums Contributor
- Investor
- Virginia
@Trevor Nowitzki
Is this for investment purposes or personal Residence
California has foreclosure laws that properties may get bid again after auction
Investment. I am aware that certain people can bid on it again. (My question was more clarifying if these types of properties get re-auctioned if a reserve is not met. My understanding is that this is not the case for court house step auctions)
