Auction Sale
If I am the winning bidder on a property at auction and I ante up my 10% of the purchase price, I understand that I must close in 30 days. I also understand that it is an as is sale. As is as of what date? What if I win the bid and two weeks later the owner that defaulted in the property decided he is mad at the whole process and puts a match to the place? Am I still compelled to close? And will I lose my 10% down if I don't?
Will they make me pay for a burned out shell of a house when I put my 10% down on a mortgageable home?
Do not know if New York is the same but here in Maryl;and when you put down that deposit it is your baby. i believe the forclosed home owner has 10 days to possibly get his house back, but you should have insurance from the day you sign to purchase it because as far as the baank is concerned you are the owner, which means you are also paying all the taxes, utilities and etc. But to my mind that also means we can get in there and start work after the 10 days. By the way that insurance can be expensive. good luck, Dave
I have never heard of them taking a property off of the bidder. If you are worried make sure you have the money sooner. But you may want to read the fine print on the auction papers.
Good Luck
Lori
[addsig]
Worf,
As far as I know new York state has no redemption period. You bought it, you pay it and you keep it .. yes, untill you decide to sell it. Go for it!
Alex