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Real Estate Auction Action - Buying A Home At Auction
Due in part to the popularity of the U. S. Department of Housing and Urban Development (HUD)'s home auction program, more potential homebuyers than ever are buying homes at auction. Homes for auction aren't limited to just HUD, however. Many government entities auction homes for payment of back taxes, and some homeowners even auction their homes on eBay.com! Homebuyers considering buying a home at auction should take some steps in advance to help them with their bid price, and even whether to bid at all on a specific home. There will always be a degree of risk when buying a home this way, but with a little diligence, potential homebuyers could save a lot of money buying in this manner. Before the auction, you should have your financing arranged, and have enough cash on hand or in your bank account to cover a deposit on your purchase. You need to check the features, location, condition, and ownership history first. Afterwards, be sure to learn what the property is worth by looking at sales of comparable properties in the same area. Compare homes with the same number of rooms is possible, but be sure to allow for price differences due to pools, decks, carpeting, window treatments, etc. At the auction itself, resist the temptation to get into a personal bidding war, just "to beat out the other guy". Have a set price limit and stick to it. Other houses will come along, and you don't have to win the first auction that comes your way. You should know that the price of a home at auction is typically the loan balance (if foreclosed), plus any back taxes owed, plus legal fees and other expenses in foreclosing the property. This will typically be the opening bid amount, and the price will go up from there. Even so, it's possible to get a great deal in an auctioned house, with a little research and planning first. Also, know that you probably won't be able to get an inspection, and are buying the home "as is". If you can't do any needed repair work yourself, or can't hire it done within your budget, you may not end up getting such a bargain in the end. About The Author Jakob Jelling is the founder of http://www.cashbazar.com. Visit his website for the latest on personal finance, debt elimination, budgeting, credit cards and real estate.
MORE RESOURCES: Karl Lagerfeld’s Paris Apartment Sold at Auction for $10.8 Million The New York Times NFL Christmas Day Games to Come Up for Auction Front Office Sports This controversial "Titanic" prop has spawned decades of debate — and it just sold for $700,000 CBS News Elite Auctions offers 6.7-acre property Summit at Silverleaf Daily Independent ACV Auctions supporting women leadership Buffalo News Men's Volleyball “Excite” Jersey Auction - University of Hawai'i at Manoa Athletics University of Hawaii Athletics Auction notes: Awards from GM Financial & anniversary at America's Auto Auction Charleston Auto Remarketing Ponte Vedra Beach home sells for over $7.5 million in auction ActionNewsJax.com 'Titanic' Door Prop That Saved Rose (Sorry, Jack) Sells for $718750 The New York Times Fashion Can Go for Eye-Popping Prices at Auction. Who's Buying It? The Business of Fashion Controversial 'Titanic' Prop Door Sells For $700K At Auction The Daily Wire Auction brings more than $7.5 million for Ponte Vedra Beach home | Jax Daily Record Jacksonville Daily Record Iconic 'Titanic' Door Just Sold for $718,750 at Auction My Modern Met Young auctioneer continues family legacy – The Daily Texan The Daily Texan NC auctions off abandoned safe deposit boxes WFMYNews2.com More Outperformance as Treasuries Fret Over Auctions Mortgage News Daily Charlie Russell's The Broken Rope highlights Scottsdale Art Auction | Scottsdale Independent Daily Independent ‘Titanic’ driftwood ‘door’ that saved Rose sells at auction for $700K The Washington Post Iconic 'Titanic' door prop that saved Kate Winslet sells at auction for over $700K The National Desk Tomb near Marilyn Monroe, Hugh Hefner up at auction Washington Times Online auction of NERS vehicles, equipment nets $127,000 Times Reporter TMCS purse auction raises funds for Lunch On Us program Miami Valley Today Artworks stored at taxpayer expense heads to auction block The Houston Landing ‘Never let go': Controversial ‘Titanic' movie prop sells for more than $700,000 at auction - NBC DFW Auction Pick of the Week: 1956 Continental Mark II Hagerty Media Lady Gaga, Amy Winehouse, Martin Luther King Jr.’s Letters to Tony Bennett Being Offered at Auction Variety Pickens Auctions Annual Spring 24 Equipment Sale at Payne County Expo Center Visit Stillwater, Oklahoma JM Wood Holds Spring 2024 Auction in Montgomery, Alabama : CEG Construction Equipment Guide Chile launches first transmission auction of 2024 BNamericas English 'Titanic' floating door prop that saved Rose — but sadly not Jack — auctioned off for startling amount New York Post Disney concept art, audio-animatronics available for bidding during upcoming auction KTLA Los Angeles 2024 fantasy baseball draft sheet: Downloadable auction values and stats for 650 players The Athletic Wood panel from Titanic fetches more than $700k at Dallas auction The Dallas Morning News Treasury Auction Relief Rally and Month-End Support Mortgage News Daily Mixed Performance. Data Hurt. Auction Helped. Little Changed Mortgage News Daily 'Titanic' door sells for over $700k at auction Entertainment Weekly News SOLD! 230-acre Iowa century farm brings nearly $4 million at auction Successful Farming ‘Titanic’ Door That Jack Tragically Couldn’t Fit on Nabs More Than $718,000 at Auction Rolling Stone Auction Calendar 3-29-24 AgUpdate Steve Jobs signed Apple Computer business card achieves over $180000 at auction — about 14X more expensive ... Tom's Hardware Titanic's Floating Door Sells for Whopping $718750 at Auction, Beating Indiana Jones' Bullwhip PEOPLE Online Pennsylvania unclaimed property auction being held this week; here's what you can bid on Yahoo! Voices Tilda Swinton, Brian Cox and ‘Saltburn’ Star Alison Oliver Items Up for Auction to Aid Palestinians in Gaza Hollywood Reporter Eneco Withdraws from IJmuiden Ver Offshore Wind Auction, Calls for Change in Future Dutch Offshore Wind Tenders ... Offshore WIND |
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