Foreclosure in San Mateo>Question Details

henry_k_wong, Home Buyer in Menlo Park, CA

I am thinking about bidding on foreclosures in San Mateo County. If I win the auction, how do I pay for the foreclosure? And how soon?

Asked by henry_k_wong, Menlo Park, CA Wed Oct 31, 2012

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3
If you are talking about the county auctions on the courthouse steps, you pay cash on the spot.
0 votes Thank Flag Link Mon Nov 5, 2012
One point that I do not understand is if I win an auction, how would I know the exact amount of the cashier's check beforehand. Do I show up , for example, with a $50,000 cashers check and then go to the bank immediately afterwards and get the remainder?
Flag Mon Nov 5, 2012
One point I do not understand is if I win an auction, how would I know the exact amount of the cashier's check beforehand. Do I show up , for example, with a $50,000 cashiers check and then go to the bank immediately afterwards and get the remainder?
Flag Mon Nov 5, 2012
Henry,

If you are buying a property at auction not only will you need cash, but you will be competing against veteran investors who buy these properties all the time, you will not be able to do inspections, and you will not have assurances of clear title. This process is not for the faint of heart or wallet.

My best advice to you, even if you have the case, find an experienced broker to help you.


Best Regards,

Lance King/Owner-Managing Broker
lance@fixedrateproperties.com
415.722.5549
DRE# 01384425
0 votes Thank Flag Link Thu Nov 1, 2012
If you don’t know the answer to that question then I think you are a long way from being ready to bid at an auction. You pay in cashier’s checks and immediately.

There is much, much more to know before you want to take that leap.
0 votes Thank Flag Link Wed Oct 31, 2012
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