$100 County Auction - Part 1

Real estate, at least in Florida, has once again become a hot market. Everyone wants it, you can go through real estate ' auction' Auction.com and Hubzu.com and other sites. These sites used to work only with banks, and so did the "auctions." Close their REO inventory, but now you can see these $100 minimum bid auctions on these sites and on other sites like Zillow, Trulia and Realtor.com

Hey, I want a $100 property, how can I participate in this advertising campaign?

Foreclosures and the REO industry are large and complex, there are many ways to benefit from it, and there are many ways to burn it. I won't cover all the import and export of this industry and how to benefit, but I want to talk about these $100 auctions. County auctions are places where real estate foreclosure auctions occur. Yes, these auctions are held every day in every county in each state. Each county has its own set of rules that specify the date and time when they auctioned the property and whether they held the auction online or in person. Regardless of which county you want to attend, these rules are set up in the secretariat of the court website.

So, what steps do I need to go through to bid?

If the county you want to participate in is performing an auction online, you will need to create an account in the county before the bid. Once you've created your account, you'll need to fill out the funds, the percentage will vary, but please state that your county needs a 5% bid. This means that you must put 5% of the highest possible bid into this account or they won't let you bid. You have decided to only want to bid for a property of $50,000 or less. You will need to add $2,500 to your account. If you want to participate in the auction, the county has a personal auction, it is best to bring a pocket [or briefcase] full of cash, it will expire at the end of the auction.

Ok, I have already completed the first auction.

There are two ways to bid in an online auction, you can set a maximum bid and let the software increase your bid because your bid is too high, or you can watch the auction in real time and bid manually. So, you have completed your research, you found the house you want to bid for... Did you get a title report before the auction? Oops, for more information on this in a later post.

Today 30 houses are being auctioned and your property is #17. So you wait, wait for you, the two people on the 11th basically compete for each other, wait until the last second bid, so this property should be about 5 minutes, it takes 20 minutes. What the two don't realize is that you can't attack these county auctions, it resets the clock. So you watch them for another 5 minutes, and someone finally admitted.

Ok, here we are in property #17. There are too many scenarios to pass, so we'll pass some assumptions about how you manually bid.

• The same situation as #3, but this time you won the auction for $47,500. Congratulations, but you haven't finished yet. The property you've always dreamed of doesn't have the highest bid, worth $60,000, and the final verdict is $45,000, so you can get involved. The bid starts and it pops $45,100. Well, the thrush [mostly the bank] can't bid anymore, why don't you ask, it will be another article. The clock is ticking, you bid $45,800 and the bid price is $45,500. The clock ticks. The bid suddenly reached $45,900 and someone offered more than you. You will invest another $48,000 and the bid will reach $47,500. You are now winning. The clock ticks, it's almost yours, not bidding up to $48,100, you've been thought to be able to slam your people over the clock, and the clock starts over. This happens for a few minutes until another person takes you over the $50,000 bid limit.


• Your dream property says that their highest bid is $35,000, worth $60,000, and the final verdict is $36,000, which is great, you can get involved. The bid starts and it pops $55,000. It's awful, guess you have to try again.


• Your dream property says that the plaintiff's maximum bid is $75,000, the property's value is $100,000, and the final verdict is $75,000. Oops, guess you should think about it before spending all your time and energy. Your deposit can only be as high as $50,000.

I won - how is it now?

You will win the auction for $47,500. In most cases, the auction will send you an email directly after the auction, which will include the total amount you owe [not just $47,500] and the fee. If you have $48,000 in your auction account, just log in and pay. If you have only $2,500 in your auction account, it's time to get started. You must now go to your bank to get extra funds so that you can take it to the county court, deposit the funds, then go back to your computer, log in and pay the amount online. In many counties, you can only pay for the funds until the end of the day [4 pm]. If you do not rent, the property will be re-auctioned. Now you are waiting for a 10-day contract and proof of purchase. That is if you don't just buy a subordinate lien.

I lost - how is it now?

So you lost your auction. Nothing you want to exceed everyone and money, no object is used to it. There are many competitors in these auctions, including banks, and there is a lot of money to use. Do your research, stick to your maximum, and you will always get there.

Future post

• Do your research
• Dyeing rule
• Enter - Guarantee your vacancy bonus, oh, your tenant is coming, wow, not what I expected to see.
• Possible questions for you to win the auction - all of these people in the defendant list, redemption rights - owner and IRS, title report, have I just won a subordinate lien? HOA and equity line
• property tax

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Orignal From: $100 County Auction - Part 1