winning bidder
Discover what happens after you win the auction.
If you’re the high bidder, congratulations! You won! In most states you have to pay for the property in full. Check your state’s requirements. You will need to pay with a cashier’s check, rather than cash.
In most states, you will receive a Certificate of Sale receipt at the auction after you pay for the property. Some states, such as North Carolina, have Upset Bidding, which extends the bidding period beyond the auction. Be sure to check your state’s procedures for details.
If you are buying the property under a separate entity, such as a Limited Liability Company (LLC), you’ll have to provide documentation following the auction. Make sure you review the list of requirements prior to the auction. Otherwise, you may have to buy the property as an individual.
After you purchase the property, you typically have to record the deed with the county. You will have to do this yourself. This is not part of the Auction.com process. Check your state’s requirements, as each state may be a bit different.
Do not attempt to enter the property, even if it’s vacant, until you have the legal right to do so. If the property is occupied, you may want to contact a real estate attorney for assistance.
You did it! You purchased the property, recorded the deed and – if necessary – vacated the occupants. Now, you can start reaping the rewards. You can make keys, inspect the property and start on any renovations. Before you know it, the property will be ready to flip, rent or even live in.