Auction house sales

[Jerry Jackson]

Hello, I'm thinking about going to the auction to purchase a house. Does anyone have any information on how the process go?

[Ned Carey]

@Jerry Jackson I have bought and sold lots of properties via auction.  It is pretty simple the highest bidder wins. The auction will go quickly and only last 1-3 min. There are foreclosure auctions at the courthouse steps. You don't get to see the inside of the property in those auctions.

I buy and sell at on site public auctions. The property is generally open for inspection 15 minutes before the auction. You will usually have to have certified funds at the auction site for the deposit. The pre-auction advertisements will tell you the amount. You will be expected to close in 30 days so auctions are not an option unless you absolutely know you have the funds to buy. Expecting to do a traditional loan with an auctions generally won't work.