Question: "I found 10 acres that are going to be up for sale through an auction. I'm confused because they want me to send $1,000 in. Is this right? And if it is, how do I get my money back if I don't win?"
Real estate auction companies require an escrow deposit for several reasons. The first is to try and prevent latecomers. Auction houses don't like to get registrations on the Friday before the Saturday auction. They have to rush through the paperwork.
The second is so you won't forget. If you put your money down upfront, you'll show up to the auction (whether virtually or in-person) and pay attention.
The third reason is so they have your information if you win the auction.
What happens to the money if you don't win? How long until you get it back? Find this out and more in this episode of the She Buys It Podcast with Whitney Nicely.
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