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Buying an auctioned house...

Recently the house has been foreclosed on and gone into auction. I know the property well and would love to bid but someone told me I have to have the cash in hand when I bid. My mother can get pre-approved for a loan 3 times what they are asking for and would love to come live in this state again so we would have a chance but.... how would you do that? You can't just walk up to the courthouse with 100 thousand dollars in your jacket pocket. It goes up to auction in two weeks and I don't even know how this stuff works. Any suggestions? How do I find out when other auctions are taking place so I might do a sit in?

We live in Maryland btw and I know their family enough (they gossip alot lol) that I practically know the shoe size of the people living there so I feel I would know what to expect from the house. The well needs a filter, the downstairs needs painted, etc.

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Anonymous

Asked by Anonymous at 11:28 AM on Oct. 10, 2012 in Buying a Home

Answers (3)
  • They don't expect you to have 100,000 cash, but rather in the form of a cashier's check from the bank. That being said not all foreclosure auctions are cash only. Some will accept pre-approval letters and give you a certain period of time to bring them the money.
    aeneva

    Answer by aeneva at 1:01 PM on Oct. 10, 2012

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  • I would imagine when they say "cash in hand" they just mean you have to have the ability to pay for it, in full, when you bid. I would try calling whoever is hosting the auction or the courthouse and ask them exactly how you would do this.
    wendythewriter

    Answer by wendythewriter at 12:46 PM on Oct. 10, 2012

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  • "Auctions
    Once a house forecloses in Maryland it will go into auction either at the site of the house or at a public auction event. Some houses will be sold on a cash-only basis where the bid amount must be paid for in full. Others will allow bidders to take out mortgages if they are pre-approved for a set amount prior to the bidding. Many auction events are listed online and in local newspapers under the legal section.



    Read more: How to Buy a Foreclosed Property in Maryland | eHow.com http://www.ehow.com/facts_7183836_buy-foreclosed-property-maryland.html#ixzz28uZ3vKV6"
    gdiamante

    Answer by gdiamante at 11:43 AM on Oct. 10, 2012

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