Foreclosure auction

[Arvind Chandra]

This will be specific to auction in the Santa Clara county as the rule may change in other counties/states. I am interested in learning about the process. 

1. Cashier's check to close the transaction.

As far as I understand we need to come up with cashier's check for the successful bid. Does it have a time limit in hours to come up with cashier's check as it is next impossible to walk around with million dollar cashier's check. Also we do not know the final auction value till it closes. Then how will we know for how much exact value we need to bring cashier's check.

2. Becoming eligible bidder.

Do we need to put down some earnest money before the auction starts to show that we are serious.

3. Lender for transaction.

What the process of working with hard money lender to come up with the money to do the transaction. I believe big banks will not give me money in the beginning just to go and bid.

[Sam Shueh]

Yes, you walk around with 500K, a bunch of 100K, 50K, 10K, lots of 5K, 1K etc cashier cheques. No exceptions.

When you raise your hand you win you need to give them your name and cashiers cheques. They give you a receipt. You go for signing.

Lender? Most are llc with solid cash in the bank. If you are not experienced have deep pockeket  suggest you avoid the hassle.... No bargain there.