Anyone with Experience buying a house at Auction? What should I do to research the property?
I know this is a complicated question, but there's a house that I saw on Zillow that's up for auction next month. The auction requires a cashiers check....Yikes!
by 
Black Mystique
ANSWERS: 5
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Try to find out what the former owners owed. The bank or mortgage company will bid against you until they have satisfied the loan. The terms are "cash" so you need to have the money ready.
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Yeah, I think that's usually the problem -- you have to pay all cash. Probably only private equity companies do that in CA and NY.
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if the property is in your price range and you want it get a building report on it before you goto the aution.
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get a building report if it needs renovations get a licenced builder to give you a quote for renovations at the property and a condition report. Get a convancer to find out about its permits and any unpiad debts on the property. Dont bid too much if your limit isn't enough dont keep bidding.
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The terms are cash/cashiers check at an auction. I bought a house on the courthouse steps.
Murzy 
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