Buying or Selling a Home/buying at auction

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Expert: - 7/10/2011


Question
Hello,
I own my home(free and clear)and interested in buying a house in my neighborhood as an investment/rental. It will be sold at public auction in mid-August to settle the estate of the owner who passed away. The home is in Virginia.

The auction company has listed a few details on their website but not all. They are requiring a 10% buyers premium to be paid after the sale on the day of auction.

If the house brings $150,000, I would owe an additional $15,000.
I don't keep that kind of money in my checking account at my local bank, but I do in another bank in an online savings account.

My question is, would the auction company allow me to post-date the check a few days until I could get the money transferred to my local bank?

I suppose I'm asking the wrong person, but I would appreciate your thoughts.

Thanks, John

Answer
Hi John,

Congratulations on planning on purchase income property... great investment these days...

I don't know exactly how Virginia works, but here in California you will have to bring in cashiers checks to the auction, so postdating is not an option.

Sales at the court steps are CASH sales, as is no exceptions... (cashiers check = cash)

Good luck!

Buying or Selling a Home

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Connie Wildasinn-Broker,GRI,RealtorŪ

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Broker,GRI,RealtorŪ, Investor since 1979. Buying or Selling Residential and Income/Investment Properties, How to understand the process, how to negotiate through the transaction, What to Look for - But more importantly 'What to lookout for!', How to tell if the time is right - or hold on and wait. Why not to listen to your friends and even your family members, Who really has your best interest at heart?. Understand why any market is a good market and how to spot a good investment for you! If you are looking in California.. check out my website www.MetroCalBrokers.com and if you need assistance in a neighborhood I don't service, I will locate a local agent to that area who actually knows their profession and can assist you in your needs!

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