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I'm looking to bid on a Nassau County Foreclosure Auctions - I've done my homework, have a lawyer lined up, have purchased a title search, was able to inspect the property, all the standard preparation items... I also spent a few hours on site to sit and observe, and wanted to see how it all works, and feel that I have a good grasp of the process.
I'm interested in hearing from others that have gone through this process, and in retrospect, what things would you recommend to do / not to do before hand.
I'm looking to bid on a Nassau County Foreclosure Auctions - I've done my homework, have a lawyer lined up, have purchased a title search, was able to inspect the property, all the standard preparation items... I also spent a few hours on site to sit and observe, and wanted to see how it all works, and feel that I have a good grasp of the process.
I'm interested in hearing from others that have gone through this process, and in retrospect, what things would you recommend to do / not to do before hand.
Thanks in advance, everyone!
I have knowledge on this subject, but not in Nassau. Make sure you have certified funds sufficient to pay the required down payment right on the spot. If you win the bid, but don't have the required down payment in the required payment form, the referee may just move on the second place bidder. Typically, the required down payment amount is stated as a percentage of the winning bid price. The way to make sure that you have the proper amount in the proper form is to establish the maximum amount you are willing to bid. Lets say that such is $300,000. If the terms of sale require 10%, than you need to bring with you a certified check for $30,000. This way you are covered no matter what. If you win it at $200,000, than you will be paying more than the required 10% - so what, this is allowed. Some people under this hypo would bring with them say 3 checks at $10,000 each, such that if they win it at $125,000, they only pay $20,000 and not $30,000.
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