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Buying at a foreclosure auction..

New Port Richey, FL |

Is the starting bid at a foreclosure auction ever the winning bid? We saw a house that is coming up for foreclosure auction and the starting bid is $5,000. Does that mean if we want to purchase the property, do we pay that amount , and someone could outbid us, then we continue to bid sort of like e bay? We are new to this, and just wanted to get a general idea on how to buy at an auction. Thank you for your time in advance.

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Attorney answers 2

Posted

Generally the starting bid is not the final sale price.

Just as an FYI, you'll want to make sure what type of foreclosure auction it is. Rather, are you buying an HOA foreclosure (advise against if there is a mortgage), a second mortgage foreclosure, or first mortgage, tax lien auction, etc.

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Posted

I agree with my colleague. You will want to do a title search before you actually bid on the house. If it's an HOA foreclosure auction, you probably don't want to buy the house unless your goal is just to rent it out for a short period of time while the first mortgagee finishes its foreclosure action.

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