When a bank owned property is not purchased, it may end up, up for auction. While it may be an opportunity too good to pass up, the well researched and well educated buyer is sure to find the best deals.
Where to begin?
According to ehow.com:
- Research the property being auctioned.
- Compare the sales price to comparable properties.
- Get financing (or see if it’s available - some homes may not be FHA compliant).
- Know your limits.
- Be prepared to walk away.
Real estate auction marketing company, REDC, who can be found at auction.com - also offer answers to frequently asked questions about the auction process. REDC also publishes a book of auction properties that are available. (Be sure to call and ask for it).
If you have time, be sure to visit an auction in your area. Like REDC most auction companies publish a list of upcoming auctions and available properties. Once you’ve narrowed down your search, keep an eye on updates as the status of homes may change (and sometimes quite frequently).
Ask questions. Today’s market is not a normal market and things are changing rapdily. If you have questions about a property, ask your REALTOR or ask any member of the Reeves Team.
{ 0 comments… add one now }