Danielle A, Other/Just Looking in Worcester, MA

How do you qualify to be in the bidding process?

Asked by Danielle A, Worcester, MA Tue Aug 26, 2008

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The Moores', , Templeton, MA
Wed Aug 27, 2008
Dear Danielle,

Bidding? I don't want to assume. Are you talking about an auction or a house on the market?

Both situations I am certainly familiar with. And both require you to know your number. Call the Hogan Real Estate Office number as posted on my profile if you would like clarity on the real estate bidding/buying process.

-Karissa
0 votes
Irena, , Newton, MA
Tue Aug 26, 2008
Every auction has its rules and registration procedures. Most common is that you need a deposit in form of a cashiers check usually $5000, sometimes more depending on the property price, and your pre-approval. Depending on the type of the auction the starting bid might be the lowest price that the bank will accept.
What you need to do before going to the auction is do your homework. Preview the property, the neighborhood, check the deeds, liens etc. Also check with the city/ town if there are any assessments due, check the property plot and field card. It is important that there are no issues (or small issues) with the property otherwise the bargain might turn into a financial burden.
(having an agent can help)
Best of luck
0 votes
Territory.c…, Agent, MA,
Tue Aug 26, 2008
Lynn911 is right, in regards to a foreclosure offer, you will need to submit and official pre-approval letter along with the offer and the property is probably being sold "As is" so certain contingencies - or any request in your offer for seller to "fix" anything - probably wont win you the bid. Also be prepared to sign the banks P/S documents without the ability to change/negotiate the language, and be prepared to offer either full or close to full asking price as they wont negotiate .. Banks are essentially trying to get an unofficial auction so they will usually keep lowering the price until they get a high level of activity on one price and then they will try and get people to bid against each other to get the highest price. Every bank is different, though, so you may experience something else.

If this is just "bidding" as the general term ... You qualify by putting something in writing and backing it up with a good faith deposit and a requested pre-approval if you are financing, and having your agent submit it to the sellers agent ... USE A BUYERS AGENT to help protect your interests.

Hope that helps.

Good luck!
0 votes
Dallas Texas, Agent, Dallas, TN
Tue Aug 26, 2008
Clarity on your question HOWEVER I can only assume you are speaking about foreclosures. Need an agent who works on your behalf comp the property, submit the document for purchase. Along with sales contract you need lender approval letter.
http://www.lynn911.com http://www.homes-for-sale-dallas.com
Web Reference:  http://www.lynn911.com
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