How to buy at King County, Washington State foreclosure auction

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How to buy at King County, Washington State foreclosure auction

Greg Lovern
Member since 2018 · 48 posts · 9 votes

I've been in brief discussion with a person whose foreclosure auction date is this Friday Jan 11, but he's stopped communicating and I wonder if he's given up and will go through with foreclosure. What do I need to do to be able to bid on the house this Friday morning?

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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
7y

find out who the trustee is get the opening bid  get your cashiers check and bid.. and then cashiers checks for amounts over minimum bid. make sure its a first though

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    7y

    find out who the trustee is get the opening bid  get your cashiers check and bid.. and then cashiers checks for amounts over minimum bid. make sure its a first though

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    1Reply
  • Greg Lovern
    OP
    Member since 2018 · 48 posts · 9 votes
    7y

    Suppose you win for $272K, but you have cashiers checks for $280K. Do you get the difference back eventually?

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  • Account Closed
    Specialist · Paradise Valley, AZ · Member since 2018 · 3k+ posts · 2k+ votes
    7y
    Originally posted by @Greg Lovern:

    Suppose you win for $272K, but you have cashiers checks for $280K. Do you get the difference back eventually?

     Typically you get a cashier's check for the base amount you want to bid then added cashier's checks for any $5,000 increments. You get any extra funds back. Find out who the Trustee is and call them to see if the auction is still on and what forms of payment they accept and who to make the cashier's check out to and what banks they accept funds from. It can be cancelled or postponed up to the moment of the auction time. If the borrower filed a bankruptcy it will typically stop the sale at least for a month. The borrower can file a bankruptcy up to 1 minute before the sale. You have to be at the location of the auction to bid. Each Trustee has their location. Some are downtown Seattle, some are in Bellevue. You have to show funds before you can bid and funds are due the moment you win the bid. 

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  • Hal Thompson
    Las Vegas, NV · Member since 2014 · 284 posts · 123 votes
    7y

    @Greg Lovern Borrowers frequently declare bankruptcy to prevent the foreclosure from proceeding. This puts an automatic statutory halt on the foreclosure, and it can take a long time for the bankruptcy stay to be lifted, depending on how hard the borrower fights.

    As stated above, figure out who the trustee is for the foreclosure. The trustee is effectively the auctioneer. Most foreclosures are Deed of Trust foreclosures.

    There is also a small possibility it is a sheriff's sale (rare, but possible), in which case it is a judicial foreclosure and there are very different rules for those in WA State. You don't want to play that game without knowing what you're doing.

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