When you attend an auction it is common for a foreclosure sale to do a closed bidding system. The auctioneer will not shout out the prices but have sealed bids. The highest bidder will win the home. The highest bidder will be required to have a 10% down payment right then and there in the form of cash, cashier’s check, or a banking account check. If you do not have the down payment then you cannot bid on the home. Some auctions require you to show the down payment prior to bidding. Some auctions require you to prove that you have been approved to buy a home or you do have the cash to buy a home before you are allowed to bid. It is usually best to get pre qualified before you go to an auction to buy a home.

After you have won a home at a foreclosure sale you will be required to fill out the paperwork and documentation. You will have 30 days to secure a loan to purchase the home. The closing process is the same as buying any home and it can take up to 30 days. Julie Thompson