New York Repo Auctions are Open to the Public
One of the biggest myths about New York repo auctions is that only qualified people like investors are allowed to bid on homes at an auction. This is not the case. Anyone can bid on a house that is selling at an auction but there are a few things to consider.
It is common for investors to bid at New York repo auctions. In the past, investors were usually the only people that showed up to bid on homes that were being auctioned off. This is do to the misconception by people that investors were the only people that were allowed to place a bid.
Many people also think that you need some type of a card or you are required to qualify as a bidder to be able to bid on houses at New York repo auctions. This is not true also but simply a myth. You do not have to qualify or have any special membership at all. The only types of events like this are police events where they auction the property off that they have confiscated. However, many people can get in on these events too in many occasions.
Anyone in the public can bid on homes in New York repo auctions. This is a fact. They are open to the public on the weekends at the local courthouse. Always check the newspaper and find out when they are or call the courthouse and ask which day of the week each auction is held. You can find out the time and location of each one too. This will help you know when you are able to find a home that is right for you.
The only thing to keep in mind is that when you attend New York repo auctions you should have a hefty down payment on you for the home you want to buy. Some auctions require you to already be qualified for purchasing a house through some means of financing through a bank or lender. If you are not qualified already then find out if the courthouse requires you to be prequalified. Some auction houses do not require you to have a prequalification because they give winning bidders a 30 day window to find a lender. Always find out what the requirements are before you attend an auction so you don’t miss out on bidding on the home you wish that you could have bid on.
