Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Foreclosures
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 4 years ago on . Most recent reply

User Stats

8
Posts
1
Votes
Joe Attard
  • Investor
  • Commerce Township, MI
1
Votes |
8
Posts

Sheriff Auction bidding checks

Joe Attard
  • Investor
  • Commerce Township, MI
Posted

I successfully purchased a home through our county sheriff auction.  However, I am curious how the professional bidders have the ability to bid on multiple homes.  

In order to bid on a home in the auction, the process involves securing a cashiers check in the amount of the starting bid.  You dont know the starting bid price until 1 hr prior to auction, so run to the bank and get the check for that exact amount, return to court house and bid on that house.  (if i fail on this home, thats it.  I cant bid another home after that because all my funds were allocated for that check/bid)

I noticed some of the bidders that bought multiple homes, had stacks of checks.  (more than the number of homes being auctioned that day)  Aside from having a large bank roll to support this type of bidding, are there others ways to secure these checks?  Are these check adjustable on the fly?  Or, do they just make an agreement with a lender, get all the checks printed, then agree to only use $$?  

Loading replies...