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Every state and county can differ, but generally these proceedings are conducted with very little fanfare or ceremony. An agent is generally given a list of properties that are to be auctioned that the agent literally takes to the courthouse steps. The agent will stand on the steps and read a brief script that includes the property and the opening bid amount. At this point any person who chooses to bid may bid, but they are required to have the cash or certified funds available for the amount they bid. The bidders often crowd around the auctioneer and signal their bids verbally or in writing. If the amount of properties going to auction is large, there may be several auctioneers and they may even read off properties at the same time, which means prepared bidders must already know which auctioneer has the property they are interested in.

If a bidder wins, he is the new owner. If there is no winning bidder the home becomes the property of the lender.

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6d ago

Trustee sales auctions on the courthouse steps involve foreclosed properties being auctioned off to the highest bidder to recover the debt owed on the property. The auction is usually conducted by the trustee assigned to handle the foreclosure process, and typically takes place in a public setting, such as the courthouse steps. Interested buyers can bid on the property, with the highest bidder winning the auction and becoming the new owner of the property.

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