How to Bid in a Foreclosure/Trustee Auction
A Foreclosure Sale is the public auction of a property conducted to repay a defaulted loan. Foreclosure Sales are sometimes referred to as “Trustee Sales” in certain states where a Trustee is assigned to conduct an auction on behalf of the beneficiary (usually a bank or lender). Foreclosure Sales also include auctions conducted to secure debt and, in many states, auctions ordered by the court.
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- Look at our upcoming Foreclosure/Trustee auction schedule available at www.Auction.com.
- Search for properties, sign up for instant alerts and register for upcoming auctions for free. Auction.com’s Foreclosure auctions are live auctions only, open to the public and free. Create an account on auction.com so you can create customized lists of the properties you are interested in…IT’S FREE!
- Decide how much you’ll bid in advance. Bring your maximum bidding amount in the form of cash or cash equivalent (permitted forms of checks should be payable to yourself or Auction.com, LLC) and a government-issued photo ID, such as driver’s license or passport.
- In addition, if you are bidding on behalf of another party, LLC, Corporation or Trust, please bring all relevant documents (entity formation documents, resolutions, power of attorney, etc.).
ACCESSING DUE DILIGENCE MATERIALS
- Read the free information on each property on Auction.com.
- Visit the properties you are interested in, but please do not disturb occupants.
- Fully understand the Foreclosure/Trustee process and perform all other due diligence necessary to evaluate the property you intend to bid on. All properties will be sold as is, where is with all faults and limitations.
ATTEND AN AUCTION
- Check-in starts one hour prior to auction. When you check-in at the auction, show your cash or cash equivalent (we will NOT take it). You will be given your numbered auction bidder card. This will be our way of identifying you should you become a winning bidder.
- Visit our information booth to ask questions or look up property-specific information. We’re here to help.
- If one of your desired properties comes up for auction, raise your paddle high to acknowledge your bid. As the bidding progresses, continue to bid up to your maximum amount. If you are the high bidder, CONGRATULATIONS!
- Pay the Auctioneer the required form of payment (referred to as the “Winning Bid Amount” or the “Purchase Price”). Payment requirements based upon state specific laws; visit our FAQ’s for each state. All documentation will be done at this point.