If you are thinking about attending a distressed property auction but think that you have to be an agent or an investor with some type of certification or approval to bid then you couldn’t be more wrong. A distressed property auction is open to the public in any county and you don’t have to live in the same county of the sale either. Anyone from the public can not only attend but bid on the many different houses available for sale. All you need to do is make sure that you have at least a 10% down payment in hand ready to give to the auctioneer before you begin to bid so they know that you are in a position to purchase the house.
When you attend an auction of distressed homes you will have to register with the people holding the sale prior to bidding. You will have to show proof that you have a down payment and possibly give the down payment up front before you can bid. Although you have no idea what the house will be auctioned off at they can only make a rough estimate. An auction of distressed homes just doesn’t want people bidding on houses and raising the prices for others if they are not even financially in a position to make a purchase.
Anyone can attend a distressed property auction held by the courthouse on the front steps over the weekend. All of the auctions are open to the public and all you need is a down payment on the winning bid price.
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