Foreclosure Auctions require potential buyers have cash or certified funds sufficient to cover the deposit amount, as set out in the Notice of Foreclosures Sale, at the time of the auction.
Potential bidders will be required to identify themselves and provide proof of deposit funds prior to being registered as a bidder.
Best practice is to get a bank check made out to yourself. If you are the winning bidder, you will simply sign the check over to the auctioneer and execute a purchase agreement.
Usually, it is the first mortgage holder that is foreclosing, but the burden is on potential buyers to check with the town to see if the taxes are paid up to date. You will take the property subject to whatever taxes are due and any first priority liens, attachments or encumbrances.
There is no bargaining with the lender at the auction, the highest bidder wins.
Thereafter closing will take place within Thirty (30) days of the date of the Auction.