First priority during forclosures/auctions?

[Aaron Millis]

Hi BP,

I think I heard this on a podcast a while ago or something- But is it true that at foreclosures/ and or auctions people that will be living in the home have first dibs on the property? If I am somewhere in the ballpark on that can someone explain? Thank you.

[Terrell Garren]

@Michael Osorio Glad to share my experiences Michael. Auction.com processes vary from state. In NC, you need to have a certified check for 5% of bid at the initial auction (courthouse steps) and to outbid others during the outbid window (10 days). If you win the final bid, the legal firm handling the sale will start bugging you to close asap. I doubt they will wait longer than 30 days so have you finances in order or you will lose your deposit. Generally 3 to 5 bidders show up in my county. It’s a bad day when the hedge fund reps show up as their initial bid will be 95% of market value. They leave no meat on the bone. I’ve found auction.com very good to do business with.