Watch the webinar replay and discover how to navigate the Auction.com platform and gain the
insights needed to make informed decisions, avoid common pitfalls, and succeed in REO auctions.
Why Watch This Webinar? Most of the REO properties do not disclose the reserve price. The sellers of these properties may accept something called the credit bid which is the minimum amount bidders must exceed to win the property. The reason it is not often disclosed is because sometimes a bidder may win the auction by bidding below the reserve price. Your best move in this scenario is to do your due diligence on the property and determine the best and highest price at which you are willing to bid. If the reserve is below that amount, you will win the property. If not, the auction will continue to the next bid, until the reserve is met, and thereafter the property will be awarded to the highest bid or reserve (whichever is higher). Not all our assets will have complete inspection reports revealing the title information. It is best to do your own due diligence by visiting county websites and other websites with property tax liens information. You can also consult with a local title company to do a title search. First Look properties have a 15-day inspection period. If you win the property and are planning to live in it or are a HUD-certified non-profit or government entity, you can inspect the property as soon as you win it within a 15-day window. If you are an investor, however, you must wait until closing on the property to inspect it. If you win the auction and proceed with closing, you can request to have the bid deposit refunded once you close on the property. However, if you win the auction but do not complete the purchase, the deposit may be retained, and the account may get flagged or suspended. If you don’t win the auction, you can request to get refunded immediately. Proof of Funds are an indication that you have an account with the full funds to purchase the property. For REO, 100% of the purchase price is not due until closing. The payment of the EMD depends on the seller – it is typically required within 1-2 days after you win the property, while some sellers do not require it until a contract is signed. While you are likely to receive a warranty deed, there is a possibility it may be a quitclaim deed as well - it really depends upon the type of property for sale. The type of deed applicable for the REO property you plan to bid on can be found on its Property Details Page. Yes, an LLC can bid if its representative, who signs the purchase agreement, has had their identity verified during the Auction.com Bidder registration.How to Win Bank-Owned (REO) Auction Properties Online
REO properties, also known as Bank-Owned or Real Estate Owned properties, can be complex even
for seasoned investors. In this webinar, you’ll learn:
What You’ll Learn:
Frequently Asked Questions
Questions?
Click on any chapter to jump ahead
Watch the Webinar Replay Now:
Information on properties that were sold at previous auctions may be found on county websites or public records. Once the deed for such property is recorded, this information becomes available to the public.
For further information you can reach out to our Buyer Success Specialist at
BuyerSuccess@auction.com