What Is a House Auction?

Video Transcript

Hi this is David Anderson on behalf of Expert Village talking to you about the foreclosure process in particular number eight "What is a auction?". This is meant for discussion advice so please consult a attorney for legal advice and most all references are being made about the trusty foreclosure. The auction will take place on the county steps of the jurisdiction of where the property is located. The bidders would show up and make offers on the property paying auction. The auction usually starts with a opening bid and the lender could usually bid on there own property which is usually the opening bid. The bidders usually certified checks and be able to pay right there on the spot and they usually have several checks in hand and different denominations examples of what they plan to bid of the property they might have a check for a hundred thousand and one for fifty thousand and several ten thousand dollar checks to make up the amount that they wanted to bid or a little extra if they need to go higher. They usually have to check in first at the steps and have there funds checks to be cleared before they are recognized in the bidding. They are not allow to look at the/at this point at the properties or get any information about them. All of these diligent should have been done long before you show up at the auction to purchase the property. The bids can go up very little such as ten dollars. You would probably find lots of people such as savagery people who know there way around the auction process. Some might be runners that is representing someone that has money and are usually on a cell phone communicating what is happening and waiting for instructions on how and when to bid. The bidding actually flows right along and as soon it starts to stop and the last couple of bidders may hassle it out until there is one successful bidder. The successful bidder will begin to share a steed or other type of deed for the property and it is saying that it is clear that the former defaulted mortgage or trusty. This has been David Anderson on behalf of Expert Village talking about the foreclosure. In particular, what is a auction.

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