The auctions that I have seen charge 5% premium to the buyer. You need to pre-qual with their lender or risk losing deposit if loan does not go through. There are viewing days prior to auction. Not sure if you need to do inspection prior to auction. Buying as is. I don’t think seller will do any repairs. Not sure about the Termite process. There is an undisclosed minimum bid. I have been to one auction in Mission Valley. There was an in-fill project that used the auction to sell remaining homes. They sold about half and sold the other half after the auction for less then the auction prices. There wasn’t any discount as far as I can tell. Some of the good deals probably didn’t go through due to minimum bid requirements. This is just another retail source for banks to sell homes. I don’t see anyone getting a discount for anything at these auctions in San Diego/Temecula. If there is a home that you really want and are willing to bid fair market value on the list, then this might be a good way to go. I would never use this resource without the discount you should get for an auction. Paying retail for a home via auction is a bad idea.
