I will be attending my first auction next week—I have been hard pressed to find the answer to one question----how long do I have to pay for anything I bid on and win? Does it vary? How do I find out the terms for each item?
Thanks for any direction you can give me,
Shannon
I’m a newbie but I think it depends on the state where you are attending the auction. Here in GA you have to have all of the funds. 100% in certified checks. Other places such as SC is 20% upfront and you have 30 days to pay off the property or forfeit.
Your best bet is to call the courthouse or the lawyer who is “crying” the property.
Happy Investing
Tara
Every state and auction houses within that state have their own rules,. For example, in IL Judicial auction requires 25% upfront and Intercounty auction requires 10%, remaining is due in 24 hours.
Make sure you do your research on the title before bidding.
Start by reading the notice of foreclosure sale. It usually clearly defines the terms of the sale. If not, call the attorney who is conducting the sale