PropertyRadar Community

can a group buy a home at auction with different cashiers checks

can a group of us show up to auction with cashiers checks and purchase a home and agree to one name on title?

Happens on occasion. For many legal/practical reasons, it is best to have things pre-organized vs ad hoc at the steps. Auction companies, and trustees they report to, have different rules and you should ask a few criers (auctioneers) at the county where you bid, what they would require. If you are new/unknown at that location, and checks are made payable to an entity (e.g. to an LLC) some auction companies will require a letter (on the entity letter-head) which authorizes/designates the person who can bid on behalf of your group. If checks are made payable to individuals vs one LLC/entity, then everyone may need to step forward to show checks/ID (part of pre-bid qualification process), but again, you may need to present a letter, identifying your members, and designating the person who is authorized to bid.

? ? Just to add to Danny’s answer. ?He is right, virtually all auctioneers want some sort of letter of authorization if check is made out to an LLC or Corp. ?In the past, all checks had to have the individual’s name on them. ?All “old-time” bidders make the checks out to themselves or to multiple names if associates might be using the checks as well. ?Eg. ?Payees on my checks would read ?“my name ?OR ?John Jones ?OR ?Sam Smith”. ? ?Most bidders, new and old still do this.

? ? ?It is not unusual that the final checks given to the auctioneer might have completely different names. ?In that case, the auctioneer will want the DL # of all people presenting a check.for payment. ??