Important terms to know:
Properties available for purchase at an auction that are not owned by a bank or lender. The bank or lender has not assumed ownership and the seller is looking for a buyer.
How do non-bank owned properties work?
Non-bank owned properties are typically retail properties that are listed through the auction platform. They could be listed by investors, or it could be a realtor working with owners who have opted to put the property on auction.
Owners keep the proceeds from the sale of the home at auction, and the buyer’s premium attached to the property—which is typically the greater of 5% of the purchase price or $2,500—covers the realtor’s fees.
Quick info on non-bank owned properties
|Financing or cash-only:||Both|
|Inspection or sight unseen:||Both (depending on seller)|
|Property types:||Residential (single family, multi family, modular, mobile), commercial, vacant land|
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