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4 Quick Tips For Success At A Real Estate Auction

Monday, May 8th, 2017

Real estate auctions can provide a great opportunity to purchase a property at an affordable price. Public real estate auctions are usually quite organized and the rules are straightforward. Like any auction, you will set your own budget and bid what you are willing to pay. These auctions are exciting and fast paced. It is best to understand the basics before attending your first real estate auction. The following will give you an idea of what to expect at a real estate auction and the steps you need to take to get a great deal.

Go to the auction early

Consider arriving early, so you have time to inspect the property and ask any questions you may have. Before you get to the real estate auction, you should do some thorough research on the property. Compare the price of similar homes in the area. You may also want to bring an expert, such as a contractor, real estate agent, property inspector, or appraiser with you.

Be focused and organized so you don’t get caught up in the excitement and bid more than you can afford. You must understand the conditions and terms of the particular auction before you bid. When you register, you will be given a bidder packet that should outline the rules clearly.

Inspect the property

The property will generally be open for inspection on the day of the real estate auction, about an hour before the sale begins. Some properties are available to view beforehand by appointment with an auctioneer. If the home is a foreclosure, the auctioneer cannot access it before the sale. If this is the case, you can still arrive at the auction early enough for an inspection or call the auctioneer for designated inspection times.

Understand the condition of the property

The properties at a real estate auction will range in condition from excellent to poor. Many properties put up for auction are in better or similar condition to others that are currently for sale. However, auctions are often utilized to sell properties that can use quite a bit of renovation. These homes will be sold as is, and many of them will need work. The idea is that the deal you get will make up for the work you may have to put into making the home profitable.

Get your financial information in order beforehand

There are a plethora of things that come into play when purchasing a home at a real estate auction. The financial obligations can be tricky and doing your research before you place a bid is important. Contact the auction house to find out what to expect when it comes to financing, auction, procedures, and settlements.

For more information on how to bid at auction, contact the experts at High Plains Auctioneers. Call us today (806) 244-6776 or Contact Us by email to find out more information on bidding practices. Don’t forget to check out our upcoming auctions to see what we have available!