Buying Your Home At Auction

tips for buying at auctions

Benefits, Tips, and Tricks

 

The traditional viewpoint is that homes are bought and sold through a series of open houses, meetings with realtors, house showings, negotiations, home inspections… the list goes on. But there are easier ways to sell and purchase properties! Through real estate auctions, both the buyer and the seller have a much shorter and easier time throughout the whole transaction.

Final Price

As the buyer/bidder, you have the power to determine the final price of the home. Often times, you will get a significantly lower price on an auctioned home in comparison to a home where you must provide offers. Further, your bid cannot be declined by the seller. Adequate preparation in the time before the auction can ensure that you walk away with a fantastic deal and a new property. One tip: the first few properties often sell for less as bidders sit them out to see how the bidding will go.

Time

You’ll have plenty of time to attend the home’s open houses prior to the auction. This will give you a great opportunity to check out the homes and inspect them for potential damages that you will have to eventually repair. In the long run, as the buyer, you will also save time by eliminating the price negotiation phase. In some states, ownership is transferred immediately following the auction.

Ease

Most of the hullabaloo is taken away at auctions. By preparing yourself ahead of time and getting all of your ducks in a row, you are able to make the transaction completely painless. No waiting, no negotiating, no let downs. Preparing for the auction can often be the most complicated part. You’ll have to do a fair amount of research on which houses will be auctioned, as well as do your homework on the home’s history. You’ll want to attend the open house if available, and talk to people in the neighborhood. In addition, you will have to arrange your finances ahead of time and make sure your liquid cash is ready. For more tips on exactly what you’ll need to prepare, visit this site.