Doing First REO Auction...What should I expect?

[Red Johnston]

Found what could be a potentially great deal. 5/3 3,300 sqft SFH....judgement of $425K with comps over $800K...

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

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?

[Chad U.]

Originally posted by @Red Johnston:

Found what could be a potentially great deal. 5/3 3,300 sqft SFH....judgement of $425K with comps over $800K...

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

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?

If there is that much equity, either they will file BK, reinstate or work out some sort of payment agreement.  Otherwise if it goes to sale expect it to get bid up close to as is value.