What kind of a budget do I need to have to buy bank foreclosure for sales at auctions?
The actual cost depends on the seller who in an auction is the lender. The cost is dependent on the worth of the property and depreciation if any. Some banks require a deposit of $500 or 10% of the offer/bid amount. The deposit has to be paid to the bank after the auction is over while the balance payment can be made within 30 days (This varies from state to state).
