![]() Once your offer is accepted, you're free to shop around for the best loan. When multiple offers are on the table, proof of funding can make the difference between Out some basic financial information, and you'll get a professional opinion of your borrowing power.Ī pre-approval letter won't obligate you to work with a specific lender, and it'll give sellers the assurance that they're dealing with a qualified borrower. If you're curious how much you might qualify for, you can get a fast, no-obligation pre-approval using Quicken Loans' free automated tool. ![]() Most sellers won't take your offer seriously without one, especially if you're looking to buy an REO. If you don't have the cash to purchase a foreclosure outright, you'll need to show proof of financing from another source - such as a pre-approval letter from a lender.Ī pre-approval letter indicates how much a lender would be willing to let you borrow based on your income, assets, and credit score. But you can finance a pre-foreclosure or REO property using a traditional home loan. Foreclosure auctions typically require buyers to pay cash. When purchasing a foreclosed home, the type of financing you need depends on the stage of foreclosure. Bidders are hereby informed that the appraisal of this property did not include an interior examination of the premises.įor additional information please refer to our Sheriff Sales FAQ's page.If a property doesn't sell at the auction, then it becomes a bank-owned (REO) foreclosure. The purchaser shall be responsible for those costs, allowances and taxes that the proceeds of the sale are insufficient to cover. The purchasers shall take such premises subject to all taxes, assessments, interest and penalty charges. All money must be in the form of a Cashier's Check or Bank Money Order made payable to THE ERIE COUNTY SHERIFF'S OFFICE (Personal, Company, Home Equity Loan Checks or Cash will not be accepted). Balance must be paid in full within 30 days of the notification. Payment of the unpaid balance beyond said 8 day period shall draw interest at 8% per annum from the date of notification to the successful bidder by the Sheriff's Office. Specified deposit amount down, due at the time of the sale. Balance will be due 8 days after notification by the Sheriff's Office to the successful bidder that they have received confirmation of the sale. You must abide by the conditions set forth within Realauction. IF YOU ARE A JUDGMENT CREDITOR, please be advised that we do not accept remote bids. You may contact the Realauction Customer Service Center at 87 for further information or to register for this class. The classes generally last 90 minutes and cover the use of the online platform. ![]() Realauction offers training classes via the internet on a regular schedule. Please contact the auction site in reference to questions related to this requirement. You will be able to have your deposit refunded to you by the auction site if you are not the winning bidder. This can be done by BANK WIRE TRANSFER (must be completed 2 business days prior to the sale date) or ACH (must be completed 5 business days prior to the sale date). ![]() You must submit your deposit to the auction site in order to bid. You must register on the site prior to being able to bid on any property. In order to participate in the auction, you will need to be aware of the following: The answers to the most commonly asked questions can be found at that resource. We strongly encourage you to visit the FAQ page at: http. The details of the auction process can be viewed at: http: All prospective bidders should familiarize themselves with the process. The real estate subject to foreclosure will be posted and sold in an online auction conducted by Realauction. ![]()
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