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You need to find out the terms of this particular auction. You will need a deposit in hand to get the house...the terms will specifiy how much. Then usually, you will have to close within a certain time, like 10 days or something. Usually auction notices get published in the local paper with all the details. Was there any contact info in front of the house besides an auction sign?
PS: You can do it without an agent, because I highly doubt the institution auctioning a home is going to pay an agent commission. The house is being auctioned because it is being foreclosed on. On occasion, owners will try and have an auction to sell their own home...some hairbrained scheme I've seen fail a few times.
Was it a Sheriff's Sale notice or a private auction? BIG difference.
Sheriff's Sale auction will take place at the courthouse. You must put down a chunk of money to be able to bid (refunded if you are not the high bidder) and if you are the high bidder you must provide funds that same day.
Private auction they typically open the house up an hour before they are ready to start and that is your opportunity to view the property. Smart bidders bring an inspector along to get his opinion prior to the bidding process. There is no fee to register to bid, but be aware that there is a substantial percentage added to the winning bid to pay the auction company. Closings on these types of properties happen generally 10-21 days after the sale. It could be a homeowner that just does not wish to deal with a slow market or it could be a trustee selling the home.
In either case make sure to do your homework before you decide to place a bid.
Just because the house is up for auction DOES NOT MEAN it's a foreclosure.
Houses are many times auctioned to settle estates. They sell everything in and around the house, then the house. Happens all the time.
Houses are also sold by auction by people that want or need to sell their house by a deadline (real or imagined). They might have a reserve so they know they are at least going to get $XXX out of it.
Most auctions do not pay a realtor, but you may want to pay a small fee for one to help you out. It's pretty straight forward procedure though.
They will usually have a day available for you to have an inspection prior to the auction. I have inspected dozens and dozens of homes prior to auctions, and not all of them were foreclosures. You should get an inspection prior to bidding.
Good luck
In Kentucky and most states, the seller offers the terms and conditions of the sale which are described in a sale bill and by the auctioneer prior to the asking for bids. The buyer by bidding agrees to the terms and conditions at the price he/she is willing to pay.
Most auctioneers also know that by offering a buyer-broker fee, they will more than recoup that expense if they must pay a two or three percent fee.
does anyone know anything about outstanding liens on auction properties?
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