Many people I speak with at real estate investor meetings are surprised by the answers when I tell them there are often only 1 or 2 buyers at the auctions.
Upon arrival outside of the courthouse (in Missouri)....literally ON the courthouse steps that is the county seat for that area...the Trustee who is handling the sale will ask buyers for proof of funds - meaning, most require a cashiers check IN HAND at the sale to be allowed to purchase; some require a letter of credit.
Most people arrive a little prior to sale time because many sales only take about 5 minutes to complete. The trustee reads disclaimers and their details then the legal document is "cried" (think of a town crier walking thru the streets 100 years ago). After the "credit bid" is offered, anyone in the public can bid $1 or more over.
Some counties may have 3 attendees, some may have 7, but many have only one buyer. Once the hour strikes, the sale is 'cried' (think: Town crier from 100 years ago) and within a few minutes the property is auctioned - bought by either a person (labeled a "third party") or by the bank ("returned to bank"). And that's that folks!
If you've bought before, I'd love to hear your experience from Missouri and any other states!
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