I see these newspaper articles about real estate auctions. There are the regular county auctions (sheriffs auctions) that real estate companies buy to sell for profit later at their own house auctions. Regardless of who hold auctions, is the winning bid real the total cost of buying a house from the auction? Can you buy a house from an auction for say few thousands dollars? I can't google the real estate buying process. Where I can learn about the process of buying houses?
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It's very difficult to actually get a house at auction at extremely low prices like that. I've been to quite a few and actually won the bid on a couple of them. BUT… where I'm at, there is a 10 day upset bid timeframe where anyone can outbid you still but they have to up it by 3%. Or the owner still has that time to pay the lender back. That's in the normal case of foreclosure. The sheriff auction thing does not state that there are no other leins or mortgages on the property. I talked to the sheriff about this before and they just won't say. You have to do your own title search before bidding on this. So the winning bid can be the total cost of the property if you make it past the hurdles. And it's hard to find any good info online that they're not charging you for. Or they're making it look soooo easy, but it's not. That's just to sell you.