@Marco Morkous Hands down, Propertyradar.com was the best tool I used to buy foreclosures but they only cover CA, OR, NV, and AZ.
In CA, winning bidders at trustee sales had to use cashier's checks to pay the winning bid immediately after winning the auction. One auctioneer I knew, wouldn't stop the bidding until he had at least one signed cashier's check placed in his hand. I suppose cash would be accepted as well but I never saw anyone do that and think it would be problematic and time consuming for all.
In practice, all competitive bidders carried cashier's checks in varying amounts made out to themselves. Upon winning the auction, you'd endorse the check and sign it over to the trustee. He or she would give you your receipt and you'd get the trustee's deed fedexed to you within two weeks.
@Kim Martin at auction.com they also seem to all be cash only purchases. I certainly don’t have the capital for that? Are there some that you’ve purchased via financing
Yes, if it is a solid deal, a hard money lender is willing to loan on an auction property. Some will even bid on your behalf. I often meet hard money lenders at our local meet-ups.
@Kim Martin I’ve often been confused about the meaning of cash only. Does it Literally and simply mean cash only no banks or lenders involved of any sort?
@Marco Morkous Hands down, Propertyradar.com was the best tool I used to buy foreclosures but they only cover CA, OR, NV, and AZ.
In CA, winning bidders at trustee sales had to use cashier's checks to pay the winning bid immediately after winning the auction. One auctioneer I knew, wouldn't stop the bidding until he had at least one signed cashier's check placed in his hand. I suppose cash would be accepted as well but I never saw anyone do that and think it would be problematic and time consuming for all.
In practice, all competitive bidders carried cashier's checks in varying amounts made out to themselves. Upon winning the auction, you'd endorse the check and sign it over to the trustee. He or she would give you your receipt and you'd get the trustee's deed fedexed to you within two weeks.