Help with purchasing foreclosure at auction and paying for property.

[Josh Ridener]

Hi Everyone.  

I am looking to purchase my first investment property at a foreclosure auction next week.  I understand that in order to purchase, you must pay for the entire amount of your winning bid with cashiers checks.  My question is, what is the best way to go about this?

The home I'm looking to purchase has an opening bid of $450,000.  My max bid is going to be $570,000.  As a cashiers check needs to be a predetermined amount, how do you go about doing this if you don't know what the final purchase price will be?  Do you bring cashiers checks in different denominations?  IE. one for $450,000, multiple at $20,000, etc?

I'd hate to lose out on the auction for not knowing the process.  Your help is greatly appreciated.

Best,

Josh

[Ron S.]

The auctioneer will ask you how you want to hold title...right then and there, after the bidding is complete, on site.  Your investor doesn't need to be there. It's very common for a buyer to have a representitive on their behalf show up instead of them.