Posted by BillyJack/NC on 7/26/10 2:24pm
Msg #346317

Foreclosure Auctions

Has anyone attended one of these auctions as a Notary?

Reply by BossLadyMD on 7/26/10 2:30pm
Msg #346319

no but i'd like to n/m

Reply by BillyJack/NC on 7/26/10 2:34pm
Msg #346321

Re: no but i'd like to

Just wondered what the job of the Notary would be, other than the normal.

Reply by Shoshana/AZ on 7/26/10 2:38pm
Msg #346322

It's not the normal.

Thedre are no notarizations. There are certain procedures to follow. You are basically getting their contract completed and taking their checks/cash for the purchase, and ID.

Reply by BillyJack/NC on 7/26/10 2:45pm
Msg #346326

Re: It's not the normal.

How many notaries do they have at each auction? I guess it goes on
for about 5 hours !

Reply by Shoshana/AZ on 7/26/10 4:19pm
Msg #346341

Re: It's not the normal.

It depends on how many they think they'll need. Who hired you?

Reply by garland/CA on 7/27/10 2:08pm
Msg #346454

Re: It's not the normal.

Every county is different depending on how many properties there are. Some might go on for 5 hours, but in my county it is usally about 2 hours. My average is about an hour and half, though it can be longer and I rarely know ahead of time. Other times I am there only 5 minutes if I only have to announce postponements and I have all my results for that day before the auction begins.

Reply by garland/CA on 7/26/10 9:24pm
Msg #346365

I am one of the auctioneers for my county. The other two auctioneers are not notaries. You do not ned to be a notary to do this, however I was contacted by a company that found my name on a notary forum. Like other similar jobs, people like to hire notaries for their attention to detail, carefulness, professionalism, etc (in general this is true, at least with most of the notaries on this forum!).

Reply by Jayhawk/KS on 7/27/10 11:13am
Msg #346432

I was in Kansas City over the weekend, and there was an article in the Kansas City Star about a house that had been appraised in 2008 for 1.7 million, that just sold at a foreclosure auction for $675,000. It's in a beautiful part of the city. It's a shame to see this happen, but I guess you have to do what you have to do. Someone got a bargain!!!!!! I also noticed that driving down one of the most beautiful parkways in the city, that several old mansions have been torn down, some vacant lots, and some with new mansions built. It was sad to see the changes. Life goes on and things change. Drove through my old neighborhood and I was glad to see all things there looked great. I was back for a class reunion.

Reply by notarydi/CA on 7/27/10 2:10pm
Msg #346455

I've worked the auctions off and on since 2008. You do not notarize a thing. Just tell the buyers where to sign. Initially, we were paid great and in a timely manner. At the first auction I worked, we had 200 properties and 1200 people/bidders. The fire marshall turned people away. Intense/loud work. You are right on the auction floor and it is LOUD. Web address is www.auction.com. Initially, I was contracted with a title company and they paid me directly. We were also promised that we would get the 'back-end' of the deal----the notary signing as well as the $$ for working the auction. That never happened. In the beginning, we worked 10 cities 10 days. Intense. Now, they come to town maybe every other month. The auction company has farmed out the work to the title companies, they farmed it out to escrow companies, and they farmed it out to signing agencies, and finally down to the notary. I enjoyed the work and the people. Because it seems to take longer for these deals to close, the time frame to get paid can be long. Trickle down from pmt to escrow to signing agency to notary can be a wait. Pay initially was really good, with compensation for mileage, parking, and lunch. Sweet deal! Now, pay is substantially less for hours worked and what you could be making doing a regular signing is a consideration you need to take into account. Hope this helps.