selling your house

Buying a House at Auction: What You Need to Know

It’s not easy to buy a house. It’s even harder when you’re in a rush. If you don’t have enough time to wait on the normal process, and will settle for anything, then looking into an auction may be just what you need. Not every house sells for the same amount. This article will help you understand how auctions work, and what to look for when you are in an auction.

Look for Quick Results

In most auctions, the highest bidders will win. That is, those who bid the highest amount of money. In the past this number was generally decided by an auctioneer counting up the money raised for a bid, but now you can find auctions that have minimum opening bids, where you must pay at least a certain amount to bid. Whether you’re facing foreclosure, divorce, or any other situation, can help you sell your house fast.

Look for Attractive Prices

If your budget is limited then look for homes that have desirable characteristics such as low fees and quick closing times.

Able to Modify

If you are looking for a home that you can modify then look for homes that you like and can afford. Then find out if the zoning law would allow you to modify the property.

Look for Marketability

When purchasing a home, think about your ability to sell it in the future. Is the house in an area with growing potential or declining? Will people want to live there?

Look for Items you want

Some homes will have items, like a home theater, which you can’t wait to get. But not all homes sell for the exact item price listed. If you’re looking to buy a “Home Theater Package” this could be considered deceptive, and may lead to legal trouble from a buyer’s attorney.

selling your house

Look for Bids that You Can Beat

If you are bidding against other bidders you don’t want the auctioneer to raise the price too high so that your bid is too low. When a lot of people bid against each other, the price can rise.

Look for a Good Inspection

Inspections secure your home more than any other bid. This is especially true if they are done prior to bidding. FHA guidelines require inspections before you purchase your home and also before you close on it, but it’s good to know that many banks require inspections done by them as well.