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How much cash do I need at a real estate auction? |
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| The opening bid is specified before the auction by the lender. The attorney will take bids until there is a winner. The deposit amount depends on the seller. Contact the foreclosing attorney in advance and don't be too surprised if the requirement is for an amount equal to 10% of the minimum bid price. In some jurisdictions, the required earnest money deposit amount is specified in the sale notice either as a percentage or a fixed amount. If you are the winning bidder, you must pay the deposit in the form of "good funds" such as a cash or certified check (no personal checks or credit cards allowed) immediately after the auction. This amount will be forfeited if you fail to close the deal. | |
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The whole process occurs very quickly so it helps to have an idea of how much you are willing to spend before it begins. In some instances, the deposit amount is specified beforehand. It can be a percentage of your offer or a fixed amount. The deposit is paid immediately, but you will need to have the rest of your financing accounted for, as you will have up to 30 days to make the rest of the payment. |
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If you have any questions or require further information, please send me an email. Thank you, Read about Power of Sale, Bank Sales and Foreclosure Properties FAQ's Read a very detailed section about Power of Sale and Foreclosure or go back to list of Real Estate Helpful Articles |
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mark@mississauga4sale.com Copyright © A. Mark Argentino, P.Eng., Broker, RE/MAX Realty Specialists Inc., Brokerage, Mississauga, Ontario, Canada L5M 7A1 (905) 828-3434 First created - Tuesday, July 16th, 1996 at 3:48:41 PM -
Last Update of this website: Sunday, May 6, 2012 12:29 PM
At this Mississauga, (Erin Mills, Churchill Meadows, Sawmill Valley, Meadowvale, Meadowvale and - or Credit Mills) Ontario, Canada Real Estate Property Internet web site you will find relevant information to help you and your family.
