Foreclosure auctions and the real estate agent

**RedCarpetSchool** · 05-15-2009, 10:13 AM

Here is how it works for an agent wanting to represent the buyer of a foreclosure auction and what the investor should expect from that real estae agent.

First the agent may produce a buyers retainer agreement, which will simply state that any information that they provide you will not be giving to anyone else and in the event that you buy a house at auction you will pay the agent the same day.

You will be paying cash at the time of auction or using hard money still using cash for all intended purposes. The commission will most of the time be based on the purchase amount. I have seen it based on the tax accessed value or purchase price depending on which is larger.

[COLOR=black][FONT=Verdana]At that time you will receive your trustee

**clintonbaisley** · 05-18-2009, 02:46 AM

You have done an great job.
Such an informative and well formed post!
Thank you for sharing that, it was wonderful of you.

**Pardew** · 06-01-2009, 05:57 AM

Good piece of information. Hepled me quite a bit since Im relatively new to real estate auctions. Thanks again!

**RedCarpetSchool** · 06-01-2009, 10:35 AM

What state are you looking to buy foreclosures in? Remember it will very state by state on how you receive title to how you pay for the property at auction.

**Pardew** · 06-02-2009, 09:41 AM

What kind of variations can I expect? Any examples?

**RedCarpetSchool** · 06-03-2009, 11:52 PM

Originally Posted by Pardew

What kind of variations can I expect? Any examples?

The only consistent is federal tax liens on the property. The IRS can place a claim on the property for up to 180 days on the property after the auction date.

[FONT=Times New Roman][SIZE=3]Some states will offer Sheriffs deeds instead of Trustees deeds. I don