 auctions (by 6x6 [TN]) Oct 22, 2020 3:09 PM
 auctions (by Ken [NY]) Oct 22, 2020 3:24 PM
auctions (by 6x6 [TN]) Oct 22, 2020 3:29 PM
auctions (by cjl [NY]) Oct 22, 2020 3:37 PM
auctions (by Ken [NY]) Oct 22, 2020 4:42 PM
auctions (by Deanna [TX]) Oct 22, 2020 4:44 PM
auctions (by cjl [NY]) Oct 22, 2020 4:46 PM
auctions (by NE [PA]) Oct 22, 2020 4:47 PM
auctions (by Ken [NY]) Oct 22, 2020 5:03 PM
auctions (by NE [PA]) Oct 22, 2020 5:04 PM
auctions (by 6x6 [TN]) Oct 22, 2020 5:33 PM
auctions (by Ken [NY]) Oct 22, 2020 5:52 PM
auctions (by 6x6 [TN]) Oct 22, 2020 6:54 PM
auctions (by Nicole [PA]) Oct 22, 2020 11:17 PM
auctions (by WMH [NC]) Oct 23, 2020 9:08 AM
auctions (by Ken [NY]) Oct 23, 2020 12:09 PM
auctions (by Ray-N-Pa [PA]) Oct 23, 2020 1:10 PM
auctions (by 6x6 [TN]) Oct 23, 2020 1:38 PM
auctions (by 6x6 [TN]) Posted on: Oct 22, 2020 3:09 PM
Message:
Ken had mentioned on another post that when you go to an auction that you have to have cash to purchase the property.
Does that mean that you actually carry thousands of dollars on you to the auction or is there another way, like a bank letter?
Thank you for your time. --73.120.xx.xxx |
auctions (by Ken [NY]) Posted on: Oct 22, 2020 3:24 PM
Message:
In my case yes i carry about $5000 cash,the houses i buy are low priced so i can buy 2-3,in my state i have to put down 10% right away and the rest in 30 days.There is another way,you can get cashiers checks made out to yourself in various amounts but then i have to hope the referee will accept signing it over or get cashiers checks made out to the referee but since i only get about 1 for every 30 auctions i would rarely use it and spend a lot of time in line at my bank.Most of the referees are ok with cash,1 old lady didnt want to hold cash because she was afraid of being robbed so i told her i would just follow her to her bank and deposit it directly into her escrow account and she said that was fine. --72.231.xxx.xxx |
auctions (by 6x6 [TN]) Posted on: Oct 22, 2020 3:29 PM
Message:
Thank you Ken. So you only need enough on you for the down payment depending on your state. I didn't know if maybe you just took a letter from your bank to prove that you had the funds available. --73.120.xx.xxx |
auctions (by cjl [NY]) Posted on: Oct 22, 2020 3:37 PM
Message:
Most of those auctions will have what is required in the write-up. If not or you are not sure then you can always check the website for that area's govt site and it will most likely have the information on there.
I honestly thought they only took either cash or a bank check (but it had to be the "exact amount" which always made me think ... how would you know until you won the bid) ... --67.242.xx.xx |
auctions (by Ken [NY]) Posted on: Oct 22, 2020 4:42 PM
Message:
cji, i need at least 10% so if i win the auction for $5500 and i need $550 and all i have is hundreds i give them $600 and get credit at closing for the extra $50,no big deal.6x6 musthave the down payment immediately,i have won auctions by reminding the referee that the other bidder must have it then and the referee cant wait for them to go to the bank to get the money,many people over the years have come unprepared and i do what i can to have them disqualified or scare them into not bidding against me --72.231.xxx.xxx |
auctions (by Deanna [TX]) Posted on: Oct 22, 2020 4:44 PM
Message:
In my part of Texas, at the tax sales, you have until a certain time that day to pay the total price in full, or else it goes back up for sale and gets re-bid from the ground up. In larger communities, they'll make sure they get the names and phone numbers of all the bidders on any particular parcel, presumably for the purposes of re-contacting them should something fall through unexpectedly. So whether the sale is at 10 or at 1, you usually have until 3 pm. Most people square up within 20-30 minutes.
I always make sure I have a bank within 5-10 minutes of the courthouse where the auctions take place. Then I go take a walk across the street or whatever, get a cashier's check for the exact amount, and then go pay the County Treasurer in person. The sheriff's deed arrives in the mail about a month later, and that's when the redemption clock kicks in.
I usually keep my ears perked to see if anyone who beat me on a piece will talk to the attorney who conducts the sale, expressing any concerns about being able to pay in full on schedule. If that happens, I'll check back in a few times until the transaction has been successfully concluded, for the off chance of sniping it back on the cheap.
For the most part, everyone who bids will pay promptly. But I do remember one time with a little Hispanic grandma who thought she would have a few weeks to apply for a bank loan. Oh. You want cash? Today? Everything? DH and I stopped by around 1 pm and kept track of the drama as it unfolded. The little old lady kept calling back. How much was it again? OK, she had the money. Oh, she went to the Appraisal District office, not the Treasurer's Office, to pay her money. Well, that's just a block away. She's on her way. Half an hour later, she's still not there...
She ended up arriving with her money about 20 minutes after the deadline. If DH and I had wanted to be smarmy about it, we could have pointed out that the deadline had been passed and she had failed to do her part to close the deal and it needed to be re-bid. But we didn't. We cheered for her when she finally got there, and then got about our days... --137.118.xx.xxx |
auctions (by cjl [NY]) Posted on: Oct 22, 2020 4:46 PM
Message:
Yes, that's what I meant .. .cash ... for the checks (bank checks, etc) that's where I was referring to the fact that "how would you know until you bid and won" ... they want a percentage ... I mean, yeah, you could just come with $1,000 checks or whatever but unless you got the bid at that price (with the percentage) then you would most likely be putting down more OR putting in a check AND cash.
I'm not in disagreement with you. I think cash is the best way to go with an auction anyway ... as long as you aren't "afraid"... --67.242.xx.xx |
auctions (by NE [PA]) Posted on: Oct 22, 2020 4:47 PM
Message:
No cash here. I take 10% down of my maximum bid in the form of a certified check. I keep that in my one pocket. In my other pocket, I keep a second check for a little bit more, in case I go over my max bid.
On the rare case that I see other people at the auction, is when I have fun. If I can tell they are from out of town, I will run them up on their bid. Because I know my market very well and my hope is to get them to overpay for the property, So they don't come back. --70.44.xxx.xx |
auctions (by Ken [NY]) Posted on: Oct 22, 2020 5:03 PM
Message:
NE,look at them and ask are you aware this is a second mortgage foreclosing? --72.231.xxx.xxx |
auctions (by NE [PA]) Posted on: Oct 22, 2020 5:04 PM
Message:
Ken, that might work even if it's not. --70.44.xxx.xx |
auctions (by 6x6 [TN]) Posted on: Oct 22, 2020 5:33 PM
Message:
Thank you all for the replies thus far.
Ken, what would that mean?
How would that scare them? --73.120.xx.xxx |
auctions (by Ken [NY]) Posted on: Oct 22, 2020 5:52 PM
Message:
In the case of a second mortgage foreclosing the first mortgage would remain in place and the buyer would be buying a house with a mortgage remaining against the house that will be able to foreclose if not paid off.NE,they usually look at me funny and ask what that means and i explain what it means,they ask me to prove it and i tell them they should have had a title search done ahead of time and i am not showing my competition what i paid for --72.231.xxx.xxx |
auctions (by 6x6 [TN]) Posted on: Oct 22, 2020 6:54 PM
Message:
Thank you Ken --73.120.xx.xxx |
auctions (by Nicole [PA]) Posted on: Oct 22, 2020 11:17 PM
Message:
6 x 6, you can "overpay" the deposit/down payment. Also, if you get a certified check and don't use it, you take it back to your bank and they "uncash" it for you ... you're out the $10 or whatever they charged you but that's it. --72.70.xxx.xx |
auctions (by WMH [NC]) Posted on: Oct 23, 2020 9:08 AM
Message:
We've only bought one house at auction but in NC you can "upset bid" indefinitely. So the person who "won" the auction was the only person who bid that day. He won with the way low opening bid. I don't know how he paid.
We went in on the 10th day (the legal deadline to bid) and put in an upset bid, using a cashier's check because we knew the exact amount needed to place the upset bid.
Here's the statute:
"An upset bid is an advanced, increased, or raised bid whereby any person offers to purchase real property theretofore sold, for an amount exceeding the reported sale price or last upset bid by a minimum of five percent (5%) thereof, but in any event with a minimum increase of seven hundred fifty dollars ($750.00)."
He then placed an upset bid to OUR upset bid. We went back and upset him again. He dropped out at that point. He wanted the place as a 2nd home, we wanted it as a rental. (We still paid less than our budgeted max.) --50.82.xxx.xxx |
auctions (by Ken [NY]) Posted on: Oct 23, 2020 12:09 PM
Message:
WMH,that is interesting. --72.231.xxx.xxx |
auctions (by Ray-N-Pa [PA]) Posted on: Oct 23, 2020 1:10 PM
Message:
If anyone is looking for what USDA auctions are coming up in the state that they are in:
properties.sc.egov.usda.gov/resales/public/searchSFH --24.101.xxx.xx |
auctions (by 6x6 [TN]) Posted on: Oct 23, 2020 1:38 PM
Message:
Thank you all for the replies, examples and tips.
--73.120.xx.xxx |
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