How cut-throat are the foreclosure auctions now? Must you still have cash in hand? What type of discounts?

Asked by We350z, San Francisco, CA Mon Aug 17, 2009

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Jesse Sierra, Agent, Pomona, CA
Mon Aug 17, 2009
We 350z

At times the foreclosed properties being auctioned will have a reserve price. Even if your client has the winning bid, your client will not be the lucky owner unless it meets the reserve. Although, the auctions have bank representatives which you can negotiate with and meet halfways. Also before your client goes to an auction, always do comps on the properties that they are interested in. There is a frenzy at the auction and bidders will over pay.

Just my 10 cents.

Jes Sierra, B.Sc., Realtor®
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Tony Abad, Agent, El Cajon, CA
Mon Aug 17, 2009
Very and yes. Scout out the properties you are interested in and talk to a pro.
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