What kind of auction are you referencing? There are tax lien auctions, sheriff sale auctions, auctions of real estate (in lieu of a traditional listing) and auctions that sell off already foreclosed properties (REDC and Williams and Willams are the two largest auctioneers).... more
Sherrif sale as Tim mentioned (nice answer by the way Tim) or Trustee Sale, either one you will have to pay in cash, in fact, majority of auctions are and will need to be paid in cash. I am not "against" them just cause I am an agent and Realtor and we dont "make any money off them" but honestly, I believe they are better suited for investors than for your primary residence.
Please consider talking with a local agent or Realtor to weigh your options before you bid on a house. Best of luck.
Since no local answers yet--and if you don't find the information needed online, do keep in mind that any local agent can help you, contact any realty office and inquire--or contact any local Trulia contributor(s) directly and ask--under the find a pro tab.... more
Well long story short it was an automated process that relists the property automatically when people back out of a sale, it relists it automatically on trulia, yahoo real estate, etc and just drops the price 5k on it's own.
Which is fine. We placed our bid and it got accepted! Though they wouldn't take a USDA loan, even though both WE and the property qualified, we had to go FHA. I don't even care, just thrilled that we got it! Thanks for all the advice!... more