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  • 31/01/2019 19:06
  • 1

How to buy a house in auction california?

Jennifer Rose

  • 31/01/2019 19:06

Buying a foreclosed house at a "courthouse steps" auction requires a good amount of knowledge -- and cash. State law requires that foreclosed properties be offered at a public auction, to give buyers a level playing field. Opening bids are typically the amount owed on the house plus an additional sum to cover processing fees. In today's depressed market, that amount is often more than the house could be sold for on the open market. Consequently, many houses receive no bids at auction, and the lender ends up putting the house on the market through a real estate broker. If a house is up for auction with an opening bid far below its current market value, it's likely to be snatched up by professionals who regularly attend the auctions, armed with stacks of cashier's checks to pay the full amount. Houses must also generally be taken as is, with no inspection.

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