Thursday, November 21, 2013

This sight is usually reserved for bank owned REO's
  • They either did not sale on the MLS and being auction to highest bidder
  • I just notice that many on the list are Auction for REO on the court Steps. 
  • Bank may just be selling the "Paper"  That means they are willing to quick claim the deed to you as the highest bid. you will be responsible for title insurance and clearing the deed sometimes. Process is called 'Quiet Title" 
  • Note: Some of the property may still be occupied, meaning it will be up to you to take possession.
  • Be sure to read carefully the terms on each property

  • If you are the Winning Bidder, an Earnest Money Deposit of 10% of the total purchase price or $5,000 (whichever is greater) is required.
  • A Buyer's Premium equal to 5% of the Winning Bid Amount or $2,500 (whichever is greater) will be added to all Winning Bid Amounts to determine the Total Purchase Price.
  • Property is being offered as is, where is
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