Buying a home at Auction

[Daniel Smith]

I'm considering buying a house at auction (specifically, through Auction.com). What are the differences between buying this way vs a traditional foreclosure? Are there limits on the contingency period? IS there a contingency period? :p

[Wayne Brooks]

Read the auction terms, for That property. You can call them, but make sure you can verify what they tell you, by finding it on their site. Most REO's have a 30 day close, you have to send your EM in, along with their purchase agreement documents, within 24 hours or so after they email them to you, usually the day after the auction. You generally get clear title (unless they are offering only a QCD) and Can get title insurance, but Always select to use your own title co.Auction.com does also conduct some auctions as the trustee in the Actual foreclosure proceeding....these have different payment requirements, as per that state/county laws.....many requiring full pmt the same/next day, with no title assurances.