http://californiarealestateauctions.org/193/how-do-real-estate-auctions-work/ Sell Your Home Fast Using Real Estate Auctions Tue, 13 Jul 2010 17:40:28 +0000 http://wordpress.org/?v=2.9.2 hourly 1 http://californiarealestateauctions.org/193/how-do-real-estate-auctions-work/comment-page-1/#comment-271 Landlord Thu, 17 Dec 2009 09:32:12 +0000 http://californiarealestateauctions.org/193/how-do-real-estate-auctions-work/#comment-271 The subdivision thing is legal since it is spelled out. Your parents need 10% of their bid in actual cash at the auction. They need to pay the other 90% within 30 days or they will face criminal charges. This is a done deal, there is no backing out, no excuses about obtaining funds. There is a reserve, there always is. If for some really weird reason their isn't (like a local law against it) the owning bank will send a shril there. This person will place the reserve price as a bid, making sure the winning bid is not below what is acceptable. They do not care if they win, they have insurance already to make sure the loss is covered. Your mother needs to count on the reserve being between 85-90% of the FMV of the land. The subdivision thing is legal since it is spelled out.
Your parents need 10% of their bid in actual cash at the auction. They need to pay the other 90% within 30 days or they will face criminal charges. This is a done deal, there is no backing out, no excuses about obtaining funds.
There is a reserve, there always is. If for some really weird reason their isn’t (like a local law against it) the owning bank will send a shril there. This person will place the reserve price as a bid, making sure the winning bid is not below what is acceptable. They do not care if they win, they have insurance already to make sure the loss is covered.
Your mother needs to count on the reserve being between 85-90% of the FMV of the land.

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