How much money 2 take at a Foreclosure Auction?

[Isidro Flores]

Hey, I was wondering how a foreclosure auction works when you bring in a cashiers check? Does the cashiers check show how much money you have in your account? Or is there a certain amount of money that needs to be said to be put on a cashiers check? And what's the minimum amount that you need to take for the cashiers check? Is it how much the max bid that your willing to go on a property or is it more or less?

[Ron S.]

in California, you bring the amount you are willing to spend. No, the cashier's check doesn't show how much money you have in your account, it shows how much money you have on the check. You have to have enough on the cashier's check or checks to purchase the property at auction. Any amount on the checks over the bid amount will be refunded to you. You have to take the full amount of the purchase price. If the bid is $100,000, you better have $100,000 in cashier's checks with you.

There is not a lot of tiered bidding in California. The trustee opens with a bid. If you bid a dollar over, you get it. If a third party bids a dollar over and you don't, you don't get it, they do.

These are pretty basic and rudimentary questions you are asking. You sure this is where you want to gamble your money at with questions like this? While I understand everyone needs to start somewhere and that the only bad question is one not asked, I would suggest going to a few auctions to see how the process works before running out and getting a bunch of cashier's checks.