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Updated over 10 years ago, 08/19/2014
How does a housing auction work? Online?
Hello! I am diving headfirst into this deal here, because the house looks stupendous - it's on a big lot, it's CHEAP, it's in my area, and I'm very interested. BUT, it's up for online auction. Now, I'm not sure what that means, or how it works, (or if it's even legit?). I found the property on Zillow and followed through to the broker's info page, as its a foreclosed property listed at (starting) $10,000. My question is, since the broker didn't answer, what should I make of this? The "bidding" is said to start tomorrow, but is this even a legit thing? Online bidding on a foreclosed house? I have the capital available to purchase the cash deal, and I will provide a link to the bidding if necessary, but if you have any guidance, suggestions, tips, or information on the subject, it would be much appreciated!