The auction on the courthouse steps went well. John has attended and purchased property using this method before, but it was Laura's first time to attend this type of auction. Both John and Laura learned from observing two auctions yesterday, one in Corvallis OR and the other in Albany OR. First, it was freezing cold, but that was OK, they dressed warm.
Second, none of the investors bid, they felt the properties were too expensive, so the properties went back to the bank and will likely be listed with Realtors. The investors felt they would see the properties listed for less than the opening bid at the auctions.
One of the investors told John that he attended an auction on the coast where one property was bid on for 13 hours! Yes, at one point in the auction, the investors were bidding up the bids by one dollar and it continued for 13 hours. This goes to show that a person must bring their funds in large and small amounts because they won't get change back. Bring several cashiers checks, (or cash, but that's not recommended due to the safety issues of carrying that amount of cash) and make them out in your own name. Be prepared to show the checks to the auctioneer before the auction begins, along with your identification.
It would be a good idea to attend a public auction at the courthouse steps prior to bidding so a person can get the feel for how they work. A person can find out when and where these auctions take place by looking at the legal ads in newspapers and checking websites of the trustees.
