The attorney will qualify bidders by asking to see their earnest money deposits. We suggest you contact the attorney in advance. You will need a cashier's or certified check that is usually non-refundable if you win the bid. This secures your purchase of the property and is not contingent on financing or inspections. Observe closely when the attorney examines the deposits to identify the real bidders and thereby establish the extent of the competition. The winning bidder will have to be fully prepared to close within as little as 30 days after tendering the deposit to the attorney and signing the contract.
The attorney starts the bidding at the specified minimum amount and continues to solicit bids from you and other interested parties until the winning bidder is determined. Don't picture the image of a fast-talking auctioneer with a gavel. Although, the bidding process can occur very quickly, often in as little as three minutes, it is more like a conversation among a few people, with the attorney in the center. Be vigilant in tracking the bids and watching your competition. You should always decide on your bidding strategy and your upper limit before you start bidding.