Summary of Real Estate Auction Process: NYC
- What ever properties are being auctioned for the day will be posted up on wall, index numbers
- There was full court room about 80 people.
- All different walks of life, difference races, different social classes.
- Novices and seasoned professionals all there.
- The seasoned people usually now each other
- Most know the general basics to bid
- Speakers, says the index # and property address twice:
- The process usually moves along very fast
- Opening bid start at 500 or 1000, and there is an upset price, which is the lowest acceptable price, if price not met, bank or gov takes possession. Increments in bid is amount of starting bid
- Must have check ready to give, if check not available, it goes to next highest bidder.
- When bidding, must say price and your name.
- Banks and referee goes in first.
- Judge must say “sold” before referee commits to price.
Once you win the bid, you have to walk up to give check and give lawyer info to contact you.