at an auction can you buy wrights to the house

Asked by Mike, 01845 Sun Jul 31, 2011

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Allan Erps, Agent, Pearl River, NY
Sun Jul 31, 2011
Do not know the Wrights but you could have rights to the house if you are successful at an auction
2 votes
Lisa Johnson…, Agent, Newburyport, MA
Sun Jul 31, 2011
Hi Mike,
Yes, you can win the right to purchase a property at auction.
Here in North Andover there is a high amount of interest in bank owned/auction properties. The auctions I have attended have all had multiple bidders.

Key points to know include the bank who owns the property has a minimum sales price that they expect to receive. If the highest bid doesn't exceed their minimum sales price they keep the property and either hold it or market it as a bank owned property.
If the you are the highest bidder and the bank is willing to accept your offer then you have a set number of days to close the sale I have seen the closing timeline be as short as 7 and as long as 30.

The deposits are typically non refundable and home inspections are done for your information only in most auction sales.

If you have some specific questions feel free to post or email.

Best of luck!
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Ron Thomas, Agent, Fresno, CA
Sun Jul 31, 2011
There are two kinds of AUCTIONS:
The TRUSTEE SALE is the County Auction that the house has to go thru to clear Foreclosure: The house is almost never sold at these autions; the Bank has such a high reserve, it won't sell. If you want to compete; you have to bring CASH and bid high enough. You won't know how high, and I think you will only get one bid' (may differ).

Sometimes, you will see a sign on a corner, or an ad about an AUCTION: This is a private company auctioning off a house. Maybe a good thing, maybe not. Investigate if you're interested. Caviat Emptor!

In either case, you are buying the HOUSE, not the RIGHTS to the house.
0 votes
Heidi Zizza, Agent, Framingham, MA
Sun Jul 31, 2011
Most likely the bank will buy it back at auction. You would have to outbid the bank
0 votes
Louis Wolfs…, Agent, Needham, MA
Sun Jul 31, 2011
At an auction you can bid, if you are the high bidder then you typically have 30 days to close on the property at which time you will have rights to the house. An accepted bid only gives you the right to close on the transaction, once you own it you can do what ever you like.
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