Re: Packard Plant (Maybe) Sold - $6.0 Million

Posted by Jim McDermaid On 2013/10/31 18:30:44

The auctioning of foreclosed property may work different depending on the state law;

Typically a winning bidder is required to deposit a percentage of the sale price at the fall of the gavel. Generally they have something like 48 hours to tender up the remainder of the full sale price. If they fail to meet the deadline then the deposit is forfeited.

This is how it works for houses in AZ.

Jim