I specialize in Trustee Sales which are courthouse auctions. I would be happy to share the details with you on our program. We also are one of the few people that can provide Title insurance on these sales. We work with residential/commercial.apartments and anything else getting foreclosed on. Depending on area and the property discounts can be as high as 10-30% or so.
You have a great answer and very detailed from Jane, first answer given. So I will not repeat that has already answered... are you looking to buy auction homes or because you know someone of their home is on auction status? Because the way you had phrase your question, I feel that you are looking for answer what happens if the home is on the status of auction, am I right? Feel free to contact me anytime at 626-318-7994. I specialize in homes in the area of Monterey Park, San Gabriel, Alhambra and more.
You need to have a minimum amount of cash for the public auctions and then proof of funds for the rest of the entire balance that you agree to pay within a week or so.
The most important thing about auction properties is that you do your due diligence before placing your bid. It is best to inspect the property and also hire a legal professional to check the title of the property to make sure there are no liens of any kind attached to the property. Each County has their registration process you must complete before bidding on a property.
There are many people who have made the mistake of purchaing a poperty at an acution and then they find out that there were liens attached that they the buyer are responsible to pay.
Since the Auction seller where ther it is private or public has never occupied the home there isnot liability on the seller's part. The responsibili;ty to chek the property out completely is your responsibiltiy.