I go to an auction without deposit and close in 30 days
Depends upon the rules of the auction. Most I have been to in the past had a bidder registration requirement to be issued a bid number. If your auction also has a registration, one of the requirements may be to that you are in possession of a cashier’s check for whatever amount is required as the minimum deposit if you are the winning bidder.
Participants in an online bid, has the huge chances of being required of paying deposits while others may have registration fees that are non-refundable. Barely depends on the auction rules of the county or state you are participating in.
When you buy houses you want to buy houses at deep discounts. Auctions are designed to get you to pay as much as possible for a house. It is NOT designed to get you a deal. It is hard to build a business around buying at auctions. Auctions are really for amateurs. I say that being a person that bought a house for $700 at an auction. You can find a jewel every now and then but not regular enough to build a business on. I would go to an auction because I had nothing else to do.
All the auctions I have been to, do require a deposit.
You are supposed to bring a percentage of the sale price (anywhere from 5 to 20% of the purchase price you are willing to pay - read auction rules,) in form of a cashier’s check.
The best auctions are foreclosure sales at the courthouse steps. You can find some great deals there, but you have to perform due diligence.
Due diligence needs you to acquire the list of properties some local jurisdiction will supply you with the property list but not all counties do this.
You cannot buy a house at acution without putting something down before leaving there. Think about it, why would the bank not require you to put your money where your mouth is.