How do you buy a home at auction?
Buying a home at a real estate auction can be tricky at best, even for the experts. It's all too easy for the unwary buyer to get caught up in the thrill of bidding and wind up owning a costly mistake.
- Get pricing help
Your best bet is to ask a knowledgeable real estate agent to assist you in arriving at an appropriate purchase amount. A savvy bidder needs to know comparable home prices; we can provide you with a range of prices for similar properties.
- Review property package before bidding
Review the bidder's package with the agent's help. The package should include a copy of the title search, tax information, a current appraisal, special fees and the auction rules.
- Arrange financing in advance
Make sure you've arranged financing before the auction.
- Keep your head
Most of all, remember to buy sensibly; don't let the excitement of the auction cause you to pay more than the home is worth. After all, not every home sold at auction is a bargain.
Click on "Ask Your Own Questions." We will be happy to help you assess your own home-buying situation.