Posted by Stu Silver, trainer on July 11, 2001 at 07:21:41:
As an auctioneer for over 15 years, perhaps I can help you.
To get more info on the auctions, call the auction company and ask for a brochure, or a bidder’s packet, if available.
If the homes are auctioned the normal way, you probably won’t need a title search - they will be sold with marketable, good title.
As to finance, check the terms of sale. Usually, homes are auctioned with NO FINANCING CONTINGENCY, AS-IS. In other words, the inspection period ends when the auction begins, you will be getting the home just the way you see it. If you are the high bidder, you will have to give a deposit (usually 10%) and close in a reasonable time. If you do not close, for any reason, you will forfeit the deposit.
Again, check the terms of sale. Sometimes there are different terms with seller financing.
Stu Silver, CCIM
Lead trainer at Russ Whitney’s Millionaire U