What is the bid amount for a foreclosure? What happens at auction?

Asked by Sherrie, Newtown, OH Tue Feb 10, 2009

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3
Terrence Cha…, Home Owner, Allentown, PA
Tue Feb 10, 2009
Sherrie,

I am quite familiar with the Bucks County foreclosure sales. Here is their website: http://www.buckscounty.org/government/rowOfficers/Sheriff/Sh…

The sheriff sales are held on the 2nd Friday of each month except when the courthouse is closed. You need to bid at least 100$ over what the sale amount is for and have at least 10% down if you are the winning bidder. Then you have ten calendar days to come up with the rest of the funds. If you do not come up with the remaining funds, the property goes back on sheriff sale and what ever deposit was put down will be forfiet.

Show up early because the sale tends to end up being SRO (Standing room only) with all the people getting there.

If you wish to discuss this further, do not hesitate to give me a call.

Terrence Charest, e-Pro®
REALTOR®
Century 21 Associates
905 Easton Road
Willow Grove, PA 19090
Cell (Preferred): 877.614.1494
Office: 215.659.5250
Fax: 215.659.5550
tcharest@HomesForFreedom.com
“Century 21 is the number one franchise site on the Internet”
1 vote
Renee Porsia, Agent, Newtown, PA
Tue Feb 10, 2009
Hi Sherrie,

An auction is actually a fun experience. You should attend one just to watch what happens.

What happens is that the auctioneer will call the number of the home (docket) and then will give the bid amount and if there is an attorney there who is sent by the bank to buy the property, they will bid and there are fees associated with the bid. If nobody else bids on the property, the attorney gets the home. If someone else wants to bid a higher price then it will go back and forth until one gives up.

The opening bid though is what must be bid first though.

You must bring either certified funds, cash or a money order.

There are some great deals but trust me, it's not as easy as many would want you to believe.

If you have any other questions, feel free to contact me.

Renee Porsia
Associate Broker
RE/MAX ACTION REALTY
(215) 669-0589 Direct
(215) 358-1100 Office Ask For Renee
http://www.reneeporsia.com
0 votes
Dallas Texas, Agent, Dallas, TN
Tue Feb 10, 2009
GREAT QUESTION

Attend an auction MIGHT REQUIRE proof of lending OR non refundable deposit
READ all terms and conditions of home purchase auction prior to making any bid at times best attend a few get the "lay out" of how an auction works.

Bid is opening amount seller has requested for auction house , opening bid can either increase based on potential buyers OR can decrease.

You might to google search for terms used when attending an auction.

If you can preview a property prior auction recommended home could be over priced or in a condition cost more restore than value of home.
Web Reference:  http://www.lynn911.com
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