Here are a couple of answers to common questions about what happens at a foreclosure auction:
When do you have to pay?
In most cases, the bank will require a substantial deposit or even the full amount of the property at the time of winning the bid on the courthouse steps. This can make it prohibitive for many buyers who might need to get a loan in order to purchase a property.
In many states, the entire price of the home must be paid within 24 hours of winning the bid on the courthouse steps.
Where will the auction take place?
it really depends upon the type of auction as to where the bidding takes place. Some bidding is on the courthouse steps while other bidding is done at auction houses. HUD homes are only done online.
Read more: What is a Foreclosure Auction? at http://www.bankforeclosuressale.com/foreclosure-auctions.php
Simon Campbell - http://www.bankforeclosuressale.com