Won an auction - what's next?

[Tal Eisenberg]

Hi Everybody,

I acted as a broker in a Public Administrator Auction which my client won. This is the first time they have won and auction and the first one I have been a part of - at least winning one. I am helping to the closing and beyond. Basically need to know the next steps and have a couple of questions.

This property comes with a free and clear title. There will be a mortgage on the property. Contract signing is in a week - closing about 3-4 weeks after that. Do they need an attorney for the closing if the contract is a standard one used by the Public Administrator? Do they need to get title insurance even if it is assigned with a free and clear title?

How do we go about finding what the actual rents/lease terms/contact info are of the current tenants?

I'm sure I'll have more questions as we go along but I think this is a good starting point.

Thanks,

Tal