1st Time Buying REO at Auction....what should I expect?

[Red Johnston]

This would be my first online foreclosure auction and I'm looking for all the info I can get.

Quick Facts: $425K judgement, Comps just over $800K

A few questions

1. How does the online auction work? Can I see what other bidders are bidding and can I put in multiple bids? 

2. Due to the high resale value can the bank keep the property? 

3. If we did win the bid do the current owners have the right/ability to stay in the house? If so would we need to file for an eviction? Can we turn off the utilities?

4. What else do I need to know?

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This would be my first online foreclosure auction and I'm looking for all the info I can get.

Quick Facts: $425K judgement, Comps just over $800K

A few questions

1. How does the online auction work? Can I see what other bidders are bidding and can I put in multiple bids?

2. Due to the high resale value can the bank keep the property?

3. If we did win the bid do the current owners have the right/ability to stay in the house? If so would we need to file for an eviction? Can we turn off the utilities?

4. What else do I need to know?