Attended first live auction - question on proof of funds

[Matthew Boyer]

BP has put the fire under my feet to start learning more and seeing some of this in action. I decided to go to the local courthouse this morning to watch a live auction. It was fun to watch.

Much calmer and informal than I would have expected. Just 2 bids total as the first bidder let the second bidder take it for $1K over his bid (which was only about $800 over the opening amount).

After each bidder put in a bid the auctioneer asked for proof of funds. Each flashed an open envelope to her. I could see one had a check along with another piece of paper.

What's the additional proof of funds? Would you only need to show the down payment cashier's check at this point or are folks also bringing something (bank statement?) to prove they can pay the rest?

Thanks in advance.

[Bob Okenwa]

@Matthew Boyer

Every auction will not be ran the same way in every county. Out here, you need to show a 10k cashiers check as proof of funds to be able to bid. If you win, your 10k is withheld and then you have until 5pm the next business day to come up with the rest funds to complete the purchase or your 10k is gone.