[answers]

There is this house that is valued @364k-450k, but it is about to go into auction. (opening bid @ 180k) Is an auction the same as a foreclosure? How is this "auction-foreclosure" deal played out? Do people gather at a date and bid, or do I have to contact the "trustee" of some sort? Any advice would be appreciated and how much would be a good offer to put in? Also, is a real estate broker needed for such a transaction? Thanks in advance!

[877YouKeep]

the auction really depends on what state you live every state is a little different. An auction is a result of a To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily., mortgage company suing a homeowner for collateral, the home you pledged in the closing. It is played out by an auction where the mortgage company is represented by an attorney that starts the bid with the payoff and the bidding begins. A broker is not necessary but you are required to submit a deposit which is also state specific. If you are the winner (high bidder) you have about 30 days to close again state specific. See if you can find a real estate investor group in your area to find the exact process for your state.