When a house is auctioned, do they expect you to have the cash on hand right then and there or do they give you time to acquire your financing, say a day or two?
It depend type of auction and what state you are interested in. Here in texas you need to be able to pay for the property right after the auction if it is a tax or mortgage auction.
If its an IRS auction they expect a downpayment and then the rest a month or 2 after the auction.
Here in California, when you attend the auction the Trustee will examine your money orders, cash or cashiers checks prior to auction to qualify you. Be careful not to expose how much you have to any of the other bidders. Keep your head down and bid looking at no paper or punch sheet. Make your bids with no expression or wild looks. If you get in a string just go dollar over, each time no changes. If you get a jumper,(overbidding impatient big amount) if you wish to keep going just bid the dollar over. Do no change your voice, give no indications of change in temperment. Do not get impatient. You do not wish to stimulate anyone to go crazy that is if you want the property.
However if you are there for another purpose. Supose the Forcl is from the lst and you wish to stimulate, cause you are holding the second and the overage will go to you. Why then you can make a fool out of yourself act unprofessional and the steady bidders will figure they have your goat. Little knowing you have the second mortgage.
Sort of fun. I always enjoyed it I wonder if Derrick Ali is the old Ali of the Forty Thieves. Call him Baba and see what happens. Check his Arabic, is it East or Western Dialect? Is he missing a small finger? Do I owe him money?
Quinn, In New York you need 10% down in cash, money order or cashiers check. You have 30 days to close with the rest of the money. If you can't close-you lose your 10%. There is lots of competition but your chance is as good as everyone elses. We always do a search at the courthouse before we ****Must Reach Freshman Investor status before posting URL's***ber, if the upset price sounds low, it probably is. After fees and other charges are added on, the price could be another 100,000- or more.
You must have a cap- the top price you will pay- and never go above that.
Sherry
It depend type of auction and what state you are interested in. Here in texas you need to be able to pay for the property right after the auction if it is a tax or mortgage auction.
If its an IRS auction they expect a downpayment and then the rest a month or 2 after the auction.
Here in California, when you attend the auction the Trustee will examine your money orders, cash or cashiers checks prior to auction to qualify you. Be careful not to expose how much you have to any of the other bidders. Keep your head down and bid looking at no paper or punch sheet. Make your bids with no expression or wild looks. If you get in a string just go dollar over, each time no changes. If you get a jumper,(overbidding impatient big amount) if you wish to keep going just bid the dollar over. Do no change your voice, give no indications of change in temperment. Do not get impatient. You do not wish to stimulate anyone to go crazy that is if you want the property.
However if you are there for another purpose. Supose the Forcl is from the lst and you wish to stimulate, cause you are holding the second and the overage will go to you. Why then you can make a fool out of yourself act unprofessional and the steady bidders will figure they have your goat. Little knowing you have the second mortgage.
Sort of fun. I always enjoyed it I wonder if Derrick Ali is the old Ali of the Forty Thieves. Call him Baba and see what happens. Check his Arabic, is it East or Western Dialect? Is he missing a small finger? Do I owe him money?
Remonising Lucius
Quinn, In New York you need 10% down in cash, money order or cashiers check. You have 30 days to close with the rest of the money. If you can't close-you lose your 10%. There is lots of competition but your chance is as good as everyone elses. We always do a search at the courthouse before we ****Must Reach Freshman Investor status before posting URL's***ber, if the upset price sounds low, it probably is. After fees and other charges are added on, the price could be another 100,000- or more.
You must have a cap- the top price you will pay- and never go above that.
Sherry