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How does a Foreclosure Auction work?

Have you ever wondered how to buy real estate at a Foreclosure Auction? You may have even seen ads in the newspaper or on the television for San Diego Foreclosure Auctions. For many, the idea of a high profile real estate auction may seem quite confusing; however, by following these tips on how to bid on and purchase a San Diego foreclosure property, you will know exactly what to expect and how to save money at a San Diego real estate auction.

Important note: The three things that you need to bring to a San Diego Foreclosure Real Estate Auction are a valid ID, a cashier's check worth $2,500, and a personal check with at least 3% of the final cost available for down payment.

Some pointers for making the most of an Foreclosure Auction:

  1. At Auction Today, review all of the available San Diego foreclosure properties thoroughly so you have a good idea of what is on the market to be auctioned.
  2. It is always a good idea to drive out the foreclosed homes that make your short list. This will give you the best vantage point to decide which foreclosure properties you want to buy.
  3. Register with the real estate auction site to gain free admission to San Diego Foreclosure Auctions with dates and times.
  4. When you reach the auction location, bring your ID and the cashiers check (as proof of financial obligation) to the sign in desk to claim your numbered paddle.
  5. No matter if you are a little nervous about attending your first Foreclosure Auction or you are a pro in the arena of buying homes at San Diego real estate auctions, be sure to attend the FREE seminar on biddings and auctions! This will get you in the mood to bid on the perfect San Diego house.
  6. As you see the San Diego real estate property come up for bid, raise your paddle high enough into the air for the auctioneer to make note of your bid. You may bid either until you reach your maximum bid amount or you are the highest bidder that wins the bidding.
  7. Once you win, you will be led back to a room to sign documentation. At this point, your will need to sign over the cashier's check and make a personal check out for 3% of the final auction price before an escrow account can be started or financing options can be chosen.

A word about bid pricing at a Foreclosure Auction: Be sure to calculate the Buyers Premium into your final pricing. An example of the cost of a San Diego home sale might be as follows:

Winning Bid = $150,000, plus $7,500 Buyers Premium (5% of the winning bid amount) = Final Selling Price of $157,500. Total down-payment due at signing = $4,725 (3% of $157,500) less your cashiers check ($2,500) leaves $2,225 remaining to be paid by personal check.

Want to know how to save the most money at a San Diego Foreclosure Auction while still winning the property of your dreams?

Call a agent at 888-836-5675 to help you save 25% of the commission of the purchase of a San Diego home at Foreclosure Auctions.

If you are not the Foreclosure Auction type of person and just want to get down to the business of buying San Diego foreclosure homes, then you can hop on the Virtual Foreclosure Tour Bus ( to see pictures, locations, and prices of bank owned San Diego foreclosure houses that specially meet your criteria for buying the homes in San Diego.


Foreclosure Home Listings

Join now on Virtual Foreclosure Tour Bus or find a agent in your area to make this the best San Diego Foreclosure Auction of the year!