Buying through Auction, what to look out for?

Question

I am going to an Auction tomorrow. I have collected and read all paperwork attached to the property under the Judicial Branch webpage plus received a title report from the attorneys office that they have to contact with questions.

What else do I need in order to minimize my risks in order to bid on the purchase?

I know there are liens on the house ( property, water, sewer, common charges)

I don’t know if I will pay attorney fees and court fees. The attorneys office told me the plaintiffs will pay for those but still not sure.

Would anyone have any inputs?

Thank you

Jay Hinrichs · Answer

for starters they are highly regional.. the only one who could probably answer these is someone who operates in the jurisdiction your looking at.. there are all kinds of auctions.

1. Sherrifs sale

2. Auction .com type auction

3. bid 4 assets

4. Trustee sale

and it goes on and on.. you need to be specific of which type of auction your going to first off.

my personal experience in multiple markets is that in some markets if the property made it to the last list they generally go to sale ( Ohio) in other states ( West coast) you can have 50 props on the list and maybe 3 will sell the rest get postponed revert to lender BK what have you.. now these are trustee sales and Sherrif sales.  so the answer is depends.

Chad U. · Answer

If you do some quick searches on these forums, you'll find more info than you can read in a month in regards to buying at foreclosure auctions.