I'm trying to buy a property from the Sheriff's auction and I wanted to know if I have to go in person to bid on a property or can I send someone on my behalf to do it? This will be under my name and not a company/LLC.
There are folks hang around at court house. They are not licensed and do charge a fee as an advisor. You got to give him all these cashiers checks to the amount of purchase. You need to check if the person can cash the cashier cheques and ran away from $100K-1,000Ks of it.
Their fees are different, Some I think are quite knowledgeable wanting a 5 figures ($)compensation some look like street people or teen gangs. No, they are not bonded. Caveat Emptor.
You will need to go as it will be under your name and not an LLC. you should try online auctions if you aren't available for the in person ones.
Yes. Remember the laws vary from state to state. In N.J. yes. On line auctions charge about a 5% premium. Having someone bid on your behalf is a reasonable alternative, and like any aspect of this business you only want to deal with reputable, established people.
if you plan on attending the bergen county sheriff sale, contact @Kevin Schaefer
@Mina G. This is actually common. I know several people that have buyers attend auctions for them. In fact come auctions have phone bidders.
I don't know how they handle the legal technicality that the person who will be buying is not actually signing the contract.
I've won 2 auctions in NJ so far. I was at each auction. When you send someone you have to give them cashier's checks made out to XXXXX county ...... Nothing stops them from using them as their own checks to bid. I would suggest having someone you trust like a family member bid for you. Alternatively, you can find a cheap attorney around the corner from the auction for a couple hundred. If you go the attorney route have him give you an escrow letter in exchange for the checks.