Auction.com in Connecticut

[Jason Richards]

I just sold my home and found a great fixer-upper but it turns out it’s on Auction.com and the auction starts in 3 days.  This is intended to be my primary residence but they will only accept a cash offer.  I’m okay with that since I can find some private money.  However, I don’t know what the process is for an online auction. The selling realtor told my realtor that it’s sealed bids.  Does this mean that anyone can submit a bid and when it’s over the highest bid wins? Or is it like eBay where the highest bid is showing?  I would like to get an idea of how the process goes so that I can prepare for the auction. Also, if I go to the town assessors office and do a title search, will that show me all of the lines on the property?  Can I then safely assume that there are no more encumbrances on the property if nothing but the first mortgage is showing?  Any help in understanding the process, especially as it goes in Connecticut would be appreciated.

[Jeff Bridges]

You need to provide proof of your cash offer within 24 hours. I believe that means they expect you to show a bank account with enough funds in it and/or authorization letter for you to receive those funds. There will be no funny business about some promise from someone else to get you the money or they will cancel the deal if you are the winning bid. I recommend calling customer service so you know exactly what POF they will require if you are winning bid.