Before bidding on a property, conducting due diligence, or doing your research, is one of the most important steps you can take before buying a property. It is even more crucial when bidding on a distressed bank-owned or foreclosure property. Here are the most vital steps to take before placing a bid.
1. Do a title review. Always get a preliminary title report on any foreclosure property you’re interested in buying, and look for any secondary liens or tax liens. Make sure there aren’t any hidden liens or encumbrances on the property that will blossom into unpleasant surprises later. 2. Inspect the property thoroughly. You may not […]
Bid Deposits A $2500 credit or debit card hold (Bid Deposit) is required to bid on a bank-owned property on Auction.com. The hold doesn’t appear as a charge to your credit card and appears as a pending transaction on your debit card. The hold is typically removed the Saturday following the auction event (unless you […]
There are laws that govern the sale of foreclosures in your area. The laws vary widely from state to state, so be sure to check out the specific rules governing your state. Live foreclosure auctions are free to attend and open to the public to ensure that a home being foreclosed upon receives the highest […]
Conducting due diligence, or doing your research, is one of the most important steps you can take before buying a property. It is even more crucial when bidding on a distressed bank-owned or foreclosure property. Here are the most vital steps to take before placing a bid. To begin, review the property details page. It […]
In an online auction, you won’t find yourself standing on the steps of the county courthouse or packed into a hotel ballroom. You could be anywhere when you bid—at home, the office, even an airport—as long as you have an Internet connection. Bidding can occur 24 hours a day over the course of days or […]
Winning the Auction If you are the highest bidder when an auction ends, here’s what to expect. Note: We recommend gathering all of the required information before starting your contract because you will need to complete the form in one sitting. Download this printable checklist to be prepared. Submitting Contract Information You will receive an […]