Tips for Foreclosed Property Auction

If you want to obtain a property, you can attend a foreclosed property auction. Try to attend small auctions at first and when you gain experience, you can now attend larger auctions.

You can make use of these useful tips so that you can come out as a winner. Do your homework today.

About Foreclosed Property Auction

The best place to buy a foreclosed property is in auctions. You can find the best buys by checking out the foreclosure filings in your area for the recent year. There are many auctions that you can check out once you decide to make a purchase. Preparation is also very important if you want to obtain your dream house. Do your homework and this involves checking out potential properties. By visiting the property, you can quantify the risks involving the purchase and not only that, you can also determine if the property needs repairs. You need to compare the prices of the properties as compared to the other houses within the area.

As a novice attendee, you can easily feel lost when you hear the bidders and see the finger signals! Before you attend larger auctions, it would be best to attend small auctions first. That way, you can become more familiar with the procedure. To show that you have the intention to make a purchase, you will need a certified check amounting to $5,000 and this should be payable in your name; the bidder will then sign the check to the company holding the auction. If you lose, the check will be re-deposited in your account.

More Tips

If you are attending a regional public auction, you will need to know about proper timing. It wouldn’t be a great idea to fuel the fire so instead of giving your bid, you have to wait until the bids die down. Going for the first dibs is ideal because these are the cheapest. As the bidding progresses, the properties get more expensive. You have to dress properly, like that of bankers. You also need to arrive at an earlier time so that you can position yourself in front. Other bidders will think that you’re a representative of a lender. During the bidding, other bidders might shrink down because they think you’re big time.

You have to conduct a thorough research on different homes. The research work can take a couple of days but it’s worth the effort if you can win the bids. When you attend an auction, you should be interested in at least ten properties and not just one. You can consult a professional who can estimate the repair costs of the properties. By knowing the selling prices of homes in the last 3 months, you will know if you have found the best deal. Use these tips when attending auctions in your area.


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