10 Tips to Keep In Mind at Foreclosure Auctions

What You Need

Come prepared! There are two things you need to do before you attend an auction: register and get cash.

Before being able to participate in a foreclosure auction, bidders are often required to be preregistered with the auctioning company. So be sure to contact the company well ahead of time to ensure you can provide whatever documents need to be on file.

Prior to the auction date, contact the auction official (this may be a trustee, an attorney or a sheriff) to find out how much cash you need to have with you should your bid be accepted. In some states, you may have to pay the entire balance due the very day of the auction. In other cases, you may be required to hand over certified checks that cover a percentage of your winning bid, such as 10 percent, with the balance due in as soon as four weeks.