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Foreclosure Auction Guide - PropertyRadar.com (formerly ForeclosureRadar.com) #foreclosure #auction - YouTube
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hi this is your foreclosure geek Sean
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O'Toole with foreclosure radar calm in
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this video we're going to show you the
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real foreclosure auctions the trustee
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sales the first thing you need to do is
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to find the sale now this may sound easy
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but a lot of these addresses are for
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court houses and the court house may be
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an entire city block so it's a good idea
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to go down a day or two ahead of time
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look around and try to find out where
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the auction is happening now there's no
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signs there's no obvious you know thing
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here what you have to do is you just
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look around for a group of people
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standing around often with clipboards in
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their hands and look for that gathering
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where the sales happening now at some
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point and with little warning the
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auction will start now there's only
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three possible outcomes to a foreclosure
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auction one the property can be
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postponed to a future date two it can be
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cancelled and the person's though no
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longer in foreclosure may be refiled
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again later but for now they're free and
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clear or the property can be sold either
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to a third party usually investor or if
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no one bids it'll go back to the bank
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now let's watch a few properties get
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postponed to see how it happens note
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that they typically just provide the
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address the new sale date and the reason
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for postponement now before foreclosure
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radar was around you actually had to
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track all of this yourself and let me
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tell you it was tough took a lot of time
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now postponements are one of the most
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frustrating parts of buying at the
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foreclosure auctions you go to all this
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trouble to do the research you go get
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your cashier's checks you get down there
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to the sale only to find out that it's
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been postponed to another date next
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cancellations
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cancellation in Canobie 1542 a beset
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port in Chula Vista 1 542 AB essential
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epistle that's cancelled now note a
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couple of things here first these
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auctioneers are taking turns there's two
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auctioneers down here and only one
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stalking at a time in many counties
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you'll have multiple options with
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different auctioneers scheduled
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throughout the day and it's very
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possible for these sales to overlap or
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even be scheduled at the same time so
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one thing just to be really certain of
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is that you're listening to the right
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guy nothing worse than to be paying
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attention to one person why the property
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you're interested in is sold 10 feet
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away by somebody else
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note that the cancellations
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postponements etc don't come in any
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particular order a lot of times the
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auctioneers will try to group them
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together but it may not happen and so
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you just have to be prepared that your
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property could come to sale be postponed
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and be cancelled at any time with that
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in mind let's get to the good stuff and
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listen them to them announce a property
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for sale opening bid is four hundred ten
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thousand
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10,000 the specified or opening bid as
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the lenders bid on the property and
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serves as the starting bid now these are
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often quite a bit less than the
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published bid in the notice of Trustee
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sale as lenders are now accustomed to
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dropping these bids in an attempt to get
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a third party interested in buying them
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as most would otherwise be underwater
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and wouldn't attract any investor
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interest at all if no one bids more than
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the starting bid then the property will
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be sold back to the beneficiary for that
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opening bid amount 796 to our Lee Court
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barley court number 11 and Santee
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opening bid is 187 3 to 3.2 ATS number 0
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9 0 1 4 1 3 no warrants he's given as to
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completely subtract this on this dress
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now this is super important note that he
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said that the address was purported to
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be and that there was no guarantee that
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the address is correct so if you don't
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get anything else out of this video
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remember that you are bidding on the
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lenders interest in the property as
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described in the deed of trust the deed
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of trust is the mortgage document that
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gets recorded down at the county
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recorders office you were buying
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whatever properties described in the
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legal description in that deed of trust
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doesn't matter what the listed address
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is or the Assessors parcel number that's
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on the deed of trust it's what's in the
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legal description so it's a good idea to
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check that especially on more unusual
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properties where the possibility for
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mistake is high the sale is can be made
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a gordita trust executed by maria t
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pilar and acquire an pilar
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recorded 12 1405 as in Scriven number
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2005 107 0 2 1 2 and the official
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records of San Diego County note that he
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just provided the document number and
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the recording date of the d2 trust I
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strongly encourage you to verify this is
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the loan that you want to bid in that it
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has the legal description as we just
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talked about let's listen a little bit
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more and find out why it's so important
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now let me emphasize what he just said
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the sale is made in as is condition
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without any warranty now it should be
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obvious that you can't call the lender
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after the sale if your heater goes out
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I'm not going to come and fix it right
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they also won't be handing you the keys
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to the property you're gonna have to
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call locksmith and if there's somebody
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is still in the property living there
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you're gonna have to evict them now a
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little less obvious is that you are
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buying the property subject to existing
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liens and encumbrances so what does that
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mean for example if the loan going to
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trustee sale is a second mortgage you
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will still owe the full amount of the
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first mortgage and you also always owe
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past to property taxes and there are
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some other things in here too
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more than I can get into in this video
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but make sure you understand what you're
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doing make sure you do the necessary
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research and you know what you're buying
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before you come down here to the trustee
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sales it just couldn't be more important
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and this again is why that deed of trust
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document number and recording dates so
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important because you need to know which
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loan you're buying you should never come
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down to the trustee sale and just buy
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based on the address they announced you
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really need to pay attention to that
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loan document number now that you
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verified you're bidding on the right
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property it's time to qualify specified
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bid 250 3842 dollars even
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any qualifying bidders to bid you'll
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need a cashier's check for the full
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amount of your maximum bid and a photo
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ID note that to qualify you simply walk
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up and show them the money once everyone
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is qualified the bidding starts
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[Music]
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now usually when you place the first bid
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you'll place it for one penny over no
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reason to waste $0.99 if you're the
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winning bidder
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after the first penny over bid it's
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customary to round the next bid to an
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even number just to make it easier for
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everyone as they bid and then from there
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typically bid in hundred dollars
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increments or if there's still quite a
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ways to go before you get to the maximum
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bid may be thousand dollar increments so
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that you're not there all day
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now after each bid the auctioneer will
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give the other bidders a chance to bid
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and will typically say something like
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going once going twice third and final
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on what
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twice third and final call
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alright no further mince index West LLC
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Brandon's better two hundred
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eighty-seven thousand two hundred eighty
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seven thousand but note the sale isn't
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actually final until the auctioneer has
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received the funds in his hands until
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that happens you can still step up with
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a higher bid even though it seems like
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the auctions over Brandon $287,000 I
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have ten thirty
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if you're the winning bidder you'll sit
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down with the auctioneer provide them
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your name and contact information and
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the vesting that you want to take title
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in and then they're gonna hand you a
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receipt and it's a handwritten receipt
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and it's a little unnerving to hand
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somebody a hundreds of thousands of
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dollars and to get back a little sheet
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of handwritten paper but it's fine now
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don't worry if your cheques aren't exact
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if you you'll have to give them more
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money than then maybe you bid no problem
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the trustee will send you a refund
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usually within just a few days and
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typically no more than a couple of weeks
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well the sales that go to third parties
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can be quite entertaining most of the
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properties are going to go back to the
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bank and with very little fanfare let's
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listen to one with that you've seen most
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of what happens down at the foreclosure
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auctions be sure to check out our
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learning center at foreclosure radar
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comm for more information on buying at
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the auction we've got lots of resources
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and forums there this is your
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foreclosure geek Sean O'Toole from
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foreclosure radar calm thanks a lot for
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watching
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