|
Basic Bidding Information for Mortgage Foreclosure Properties
1. You will be bidding against the bank.
2. The bank has a predetermined amount that they will bid to. This is called the "upset price". Only the bank, on day of sale, knows what this amount will be. It may be more or less than the judgment amount.
3. If you are the successful bidder, 10% of the judgment is due at time of sale cash or certified funds only. The balance (of your bid) is due within 10 days. If the balance is not paid within those 10 days you lose your down payment. The deed will be recorded in 45 days.
4. You will not have the deed in time to use that property for a mortgage. (Therefore you cannot be pre-approved for a mortgage). The properties are not guaranteed in anyway and debts against that property may become yours. It is for this reason we suggest a title search be done on any property you may be interested in.
5. The properties are owned by the debtors until they are sold on day of sale. They are not open for public viewing. | 
