Posted by Irwin on September 16, 1999 at 08:32:16:
You didn’t specify what kind of auction you’re referring to, i.e. private, sheriff’s, tax sale, IRS levy. They all have different procedures. Sheriff sales even will vary from county to county. It would be impossible to answer your question without writing a book. The best place to get info on a particular sale is to ask the person who is conducting the auction. They will often have printed information for you.
Can Anyone Answer Auction Questions For Me ? - Posted by Jaydee
Posted by Jaydee on September 15, 1999 at 21:34:38:
Firstly , thanks to everybody for making this a great site - all viewpoints are much appreciated .
I was wondering if someone out there could take the time to explain to me the sequence of events surrounding an auction . In other words what actually happens the day of auction if I were to be the high bid . I assume that the auctioneer grabs me by the ear and suggests I give him the money ! Once I have recovered from this ordeal I am a little confused as to how I get the title . Do I immediately take it to my attorney to record or what ?
Also is it possible to lose one’s money after you have bought the property ? By this I mean through legal means such as the pevious owner coming back to reclaim or something ? If the previous owner cured the debt after auction and legally got the property back ,( if that is possible ) I assume that I would be legally entitled to get my money back ?? Also does one need to purchase title insurance in such cases and if so at what stage ?
For those that would be quick to advise me to research the whole process before I even attend an auction , rest assured I have - it is the actual ’ real world ’ events that take place the day of the auction that I am unsure of . Again thanks to all for this site and your comments.
Jaydee