realforeclosure

8 Replies

I am interested in a property that will be auctioned in a week on one of the realforeclosure.com counties. I know I need to have 5% of my maximum bid there, but when do I need to pay the remainder? I am out of state and its impossible for me to get there within a day. I have looked at some older auctions and looked up the deed transfers, and the deeds were transferred like 20 days later... Anyone have any real experience with these auctions, and can answer my question of when I need to pay the remainder???

Each locale may be different. Here it is 2 PM the next day, and wire transfers are acceptable. It should be in the bidding instructions, or call the local clerk s/sheriff's office that receive the mo ey.

its says the total payment is due 4pm of the sale date (so the auction date is the actual sale date, right?). I guess I will have to do an ach or wire transfer in that case.

the property I'm looking at is actually in FL, I live in NYC....

also, I noticed that in the majority of auctions, the plaintiff (Bank) would bid pretty high and end up listing the property on mls within a month, then lower the prices well below what they won it for. Why would they do that? Why couldn't they just bid a reasonable amount and hope to unload the property at auction instead of dealing with selling it later on?

Banks hope that the bidding will exceed the amount owed on the loan. When that happens, the bank allows the home to go to the highest bidder and everyone is happy. But... many times the homes do not meet this minimum bid and the bank repossesses under the hope that they can sell the property on the open market for more.

Originally posted by @Martin S. :
its says the total payment is due 4pm of the sale date (so the auction date is the actual sale date, right?). I guess I will have to do an ach or wire transfer in that case.

Every property I've bought through the RealAuction system takes wire transfer. They will give you an invoice with wire instructions after you win. If you're not local then that's your only option. They won't take ACH because that takes days to clear, you can only use that for your deposits but not your final payment.

Anyone know what's the membership fee for realforeclosure.com?  Thanks

Originally posted by @Pei Pei Siau-Cronin :

Anyone know what's the membership fee for realforeclosure.com?  Thanks

 Their website indicates that the monthly membership is $39.80

There is no membership fee required to bid.  Not sure what you'd get with a membership, maybe spread sheets?

Originally posted by @Wayne Brooks :

There is no membership fee required to bid.  Not sure what you'd get with a membership, maybe spread sheets?

Wayne's right.  There's no membership fee for any of the realforclose county sites.  My company just sold some private labels for our foreclosure bidding service in FL.  Before you can bid on any properties, most counties require a deposit equal to 5% of your maximum bid per property that you wish to acquire (payable to the Clerk Of The Circuit Court).  For instance, if you want to win 2 properties on the same day at $100K each, then you must deposit at least $10K.

Spreadsheets for limited data analysis are included with your membership.

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