How to buy a home at auction (not the courthouse steps ones)?

Asked by Slowfoodisgood, Concord, CA Wed Oct 31, 2012

A realtor told me she bought her home in Summerset (Brentwood) at auction and said not all auctions are on courthouse steps requiring cash but that it's possible to buy with down payment and mortgage. I didn't have time to find out more, so I'm asking here -- how is it done? I've looked at auction.com and it looks like "trustee sale/foreclosures" require all cash but it also says "financing available" -- and it says "bank owned" can have a mortgage. Any advice on what's involved and how to do this?

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Wes Knapp’s answer
Wes Knapp, Agent, Concord, CA
Fri Nov 2, 2012
There are currently several auctions that I'm seeing pop up randomly on the market. The type Pacita mentioned below is on the MLS but offers 10 associated docs (forms and information in regards to purchasing) in which you'd need to speak to a real estate agent about obtaining. The documents cover just about everything you're inquiring about. Send me an email and I'll reply with the documents.

Thank you,

Wes
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Pacita Dimac…, Agent, Oakland, CA
Wed Oct 31, 2012
Your best bet may be to attend one of these events, see how it's done. The rules may be different depending on who the foreclosing bank is.

Since you've seen Auction.com, then you may also have seen events planned on when people can go and bid on the spot. You don't have to bid to attend.

Auction.com has a calendar of events --- make plans to attend one
http://www.auction.com/auction-calendar/residential.php
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