Securing Proper Documents for Bidding

6th in our series of 10 blogs about Foreclosure Auctions is Securing Proper Documents for Bidding.  Real estate transactions can be somewhat daunting if you aren’t sure what to expect.  Doing research, asking questions, and using professional consultants, such as a real estate agent are just a few ways you can help minimize the angst.  One important facet of bidding successfully in a Foreclosure Auction is securing the proper documents.

As mentioned in previous blogs, a cashier’s check is usually required in a foreclosure auction.  Determining the requirements for the amount is extremely important.  Not having a check for enough money will disqualify you from the auction.  You will need to contact the Trustee to find out the exact amount necessary. 

In addition, you will want to bring two forms of ID in order to prove you are in fact you.  If you are using a loan of any type to finance the payment for the rest of the property, you will need to bring those papers as well.  Finally, you will want to check with the local officials at the County Clerk’s office to verify if any other documents are needed.  With a little planning ahead, you can have a very smooth and stress free auction experience.

For more information on foreclosures and REOs in the Metro NY and Long Island area, you will want to attend the lst annual New York Foreclosure Showcase on the 12th of October.  This event is sponsored by Island Advantage Realty LLC, recognized experts in this field.

The advice and tips offered in this blog are intended to be solely informational and do not apply in all circumstances.  Make sure that you consult a real estate professional, financial consultant, attorney or accountant before taking any action.  For further information or questions please contact Gabriella@IARNY.com