Ruth,

As Aaron points out - the primary lien holder will show up and bid on the property. Keep in mind that if you plan on bidding at the auction that you will need to have the funds available to you to purchase the home on the spot (not finance - but write a check). Your money will then be tied up for the next 6 months at which time you may own the house or the seller may cure the foreclosure at which time your money will be returned to you. I would strongly encourage you to find someone to represent you while you undertake this sort of purchase.

Good Luck!!


Cameron Piper

It sounds like you are going to bid on a home at a sheriff's sale. Is that correct? If so, they ususally do not have a minimum bid, however, the primary lien holder (bank) will be there to bid on it as well. Keep in mind, if you do win the bid, you do have a have a cashier's check for that amount available and remember you then have to wait for the redemption period (usually 6 months) before you can take title & possession. Let me know if you'd like more details.

The bank foreclosing will always bid something... often it is the full amount owed but recently I'm seeing more "specified bids" of an amount less than owed. If you call the foreclosing attorney closer to the sale date they may tell you.