How does an estate auction work if I was interested in buying a property listed?
March 9th, 2010 | 
Author: I am in AZ. I am interested in a property that is supposed to be auctioned soon. How does this work for the buyer? Are there hidden fees that I responsible for at close if I am winning bidder? What paperwork is necessary on my end before I go into the auction?
Posted in Uncategorized
They will demand that you produce a cashiers check at the front door. If you are the winning bidder, you will go immediately to a lender’s table to be approved for the loan. You will have to close the sale in 30 days. The buyer never used to pay any fees. You just bought the house. Recently in Arizona, the auctioneers are making you pay a 5% "buyers fee". That is added to the purchase price.
The sale will probably be "as is" so bid low..