how does a public auction work?

Asked by Morgan Murday, Columbus, OH Wed Nov 12, 2008

do the bidders get to see the inside of the house before hand? how do you find out when the auction is? are people standing in the front yard of the house, bidding? i have never dealt with a forclosed/auctioned house, so i am unsure of how things work.

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3
Don Bush Team, , Columbus, OH
Tue Mar 9, 2010
Presently, there are better ways to buy.
0 votes
Scott Godzyk, Agent, Manchester, NH
Wed Nov 12, 2008
In most forecl;osure auctions you do not see the inside of the house unless the home owner has moved out prior to foreclosure and teh bank takes possession of the house, they they will open it up to viewing. All teh auction details will be published teh 3 weeks prior to the auction. With an auction you need to do your homework, you need to check and see if there are back taxes and any liens such as a second mortgage or mnechanics liens by doing a title search. At auction you usually need at least $5000 cash or bank check to register to bid. Some auctions are done in front of teh house with others on the court house steps depending on what the law is where you live. Bidding will start high and drop until someone bids then go up. In most cases the bank will bid up to 80% of what the home owner owed unless it is a depressed area then they sometomes do go less. Good luck with your auction adventure.
Web Reference:  http://www.ScottSellsNH.com
0 votes
Brittany Sim…, , Columbus, OH
Wed Nov 12, 2008
Morgan:

You are referring to a sheriff sale auction-you do not see the inside of the property. These auctions are held at the county courthouse. There is a minimum 10% deposit with the remainder due in 30 days. No financing or home inspection contingencies. Also, there may be liens that are not satisfied that become the new owners responsibility, so alot of research is necessary. These types of auctions are not for amatuers or first time homebuyers. You are much better off purchasing a home after it has been purchased by the bank at sheriff sale. You can find those foreclosures through any local realtor.

The sheriff sale is public access. You can find the properties on the local sheriff website. Here is a link to Franklin County. http://www.sheriff.franklin.oh.us/
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