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How to Bid in a Newly Foreclosed Auction

A Newly Foreclosed Auction is a new and innovative way to purchase newly-foreclosed properties online at Auction.com just days after they become bank-owned. These banks/ lenders are extremely motivated to move these properties off their books and avoid further holding and maintenance costs. This is a great opportunity for buyers because these are newly foreclosed and have not been put on the market, the foreclosure process has eliminated certain liens that would have complicated the purchase as a short sale and the bank/lender is even paying all outstanding HOA/COA assessments making these very attractive investments to buyers.

 

Step 1

REVIEW & DECIDE

Find Auctions and Homes that interest you.

Step 2

REGISTER ONLINE

Create an account with www.Auction.com. Then register for the auction you wish to bid in and complete the Bidder Qualification form.

Step 3

ACCESS DUE DILIGENCE MATERIALS

Read the free property information listed on www.Auction.com. Perform all due diligence necessary to evaluate the property you intend to bid on. Prospective bidders may not trespass on the properties.

Step 4

MAKE YOUR DEPOSIT TO BID

To complete the registration process, a deposit in the form of a credit card authorization is required. This is ONLY a hold that will be released within 24 hours of auction end for non-winning bidders. For winning bidders, the authorization will be released upon receipt of payment in full by 5 p.m. Eastern Time on the first business day following the auction.

*Terms and conditions may vary by state.

Step 5

PLACE A BID

Place your bid amount and click “Bid Now!” It’s that easy! Please note a 5% Buyers Premium will be added to all purchases.

Step 6

FINALIZE SALE!

If you are the high bidder you will receive a Winning Bidder Confirmation via email and will be contacted to go over the contract within 30 minutes of the auction end. The total amount due must be received by the Escrow/Closing Agent no later than 5 p.m. Eastern Time on the first business day following the auction.
Remember: A Buyer’s Premium equal to the greater of 5% of the Winning Bid Amount or $2,500 will be added to the Winning Bid Amount to establish the Total Purchase Price. For example, if the Winning Bid Amount is $200,000, then the Buyer’s Premium* would be $10,000 (5% of $200,000). The Total Purchase Price is then calculated as the Winning Bid Amount + the Buyer’s Premium, or $200,000 + $10,000 = Total Purchase Price of $210,000.

How Does It Work?

  
  
 
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