Mortgagee's foreclosures are public auctions. The auctions are held in front of the properties. You only need to be there 10-15 minutes prior to the advertised time.
If you wish to bid, you would need to have a bank check made payable to yourself or cash in the deposit amount specified in the paper or on the web matrix.
- Auctioneer will make an attempt to gain access to the property, but makes no guarantees for a walk-through prior to the bidding. The owners are still in possession up to the time of auction.
The auctioneer will disclose any outstanding real estate taxes and liens if available.
- It is open bidding and the bank representative has the option of bidding on behalf of the Mortgagee.
- Should you be the high bidder, you would endorse the check over to the attorney for the bank and it would serve as a deposit on the property.
- In addition, the high bidder signs a contract obligating him or her to fulfill their obligations under the terms of the contract.
- You should have your financing in place as you need to close in 30 days.
- If for any reason you cannot obtain a mortgage or change your mind, you would then be in default and could lose your deposit amount.