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Overview of the Foreclosure Process
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Obtaining funds for purchase
Foreclosure auctions often require immediate payment!

  1. If you have sufficient funds, then take to the auction the maximum amount you expect to bid for your target property. Some things to remember:
    • It's always wise to take either cashier’s check or certified funds drawn on a local bank as carrying cash is unwise and might be unsafe.
    • Consider taking a series of checks including one for the amount of the offset bid (explained below), and incremental checks up to the amount you wish to bid. This way you don’t tie up excess funds if you are the successful bidder.
    • Always check to see who the check should be made payable to, usually found on USA-Foreclosure.com on the “Attorney/Trustee Rules of Auction” page.
  2. If you need to borrow funds to bid and purchase at the auction, then you need to contact a financial institution to arrange to borrow funds. Banks, credit unions, and brokerage houses are all candidates.
    • Financial institutions will typically require that you post security for a loan. Security can be any assets acceptable to the institution-other real estate you own, stocks and bonds, and vehicles are all commonly used to secure loans.
    • The best source for loans is usually the financial institution that you bank with. They know you, and typically will want to do what they can to assist you.
  3. If you are the successful bidder, you typically can expect to receive title to the property within about ten days after the auction. If you are borrowing to purchase, your lender will want to know this, and might wish to transfer the security from your other assets to the property you just purchased.