Buying houses at auction? Where do you look for these & are their any things to

Tips and Deals Forums Buying Your Home Buying houses at auction? Where do you look for these & are their any things to

This topic contains 2 replies, has 3 voices, and was last updated by  wanloocheadpolsva 8 years, 4 months ago.

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  • #208101

    Anonymous

    look out for? What can I expect if I buy a house at auction? What would I need to know? any details are greatly appreciated.

  • #265502

    Anonymous

    Having observed real estate auctions over 20 years, here goes:

    1. There are professionals who show up every day. Several of them. They bid low, and often adjust their bids in $1 increments. These are the houses to buy.

    2. Never pay more than 65% of the market value of comparably listed houses in the neighborhood.

    3. Be prepared to pay cash (i.e., cashier’s check) for the house you want to buy.

    4. Before you buy the house, make sure you have a reliable general contractor inspect the house, and provide you with a list of obvious needed repairs. Anticipate latent repairs will cost at least $7,500. Make sure it’s in your budget.

    Have fun.

  • #289729

    unless you have the chance to do a professional inspection ahead of time, you are taking a huge risk buying a house at auction – there could be major things that you will have to fix before you allowed to move in or you might not be able to get a mortgage and then you will lose your deposit

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