How Do You Bid On A Bank Repo Home?
If you don’t make payments on your mortgage, the lender can foreclose or repossess your home. Eventually the home will be sold at a sheriff’s auction to the highest bidder. There is a process you must follow if you want to bid on a bank repo home. The terms and conditions and bidding procedures can vary from county to county and state to state. Before you attend a sheriff’s auction, always call to get the time, location and all of the terms and conditions. Attend the sheriff’s auction and listen to the instructions of the auctioneer. Wait for the bidding to start. The minimum bid price will be set, and anyone in attendance has the opportunity to bid on any of the homes listed for foreclosure. If you want to place a bid, just say the word, “bid,” and then state the amount you are bidding when the auctioneer says the price. If someone bids more than you, you can continue to bid higher using the same process. Some auctions require that your bid be at least $100 higher than the previous bi
