public auctions: real estate

[Yurt]

anyone have experience with this? there is a big one happening in my town next week. it is my understanding that auctions on real estate are...."as is"....

i am wondering if anyone here has experience with actual real estate auctions....even if you never purchased, your input is welcomed

 

[Neubarth]

The laws vary from state to state. You need to contact somebody from your state to find out what is the norm there.

 

[strollingbones]

pros: chance to buy property on the cheap.....

cons: no home inspections...you are buying a pig in a poke...

if you can find out what properties are being auctioned....see if you can gain access to more than the outside but go by and at least look at the outside...if there is deferred maintaince on the outside most likely it goes inside too....chitty chat the neighbors..find out as much about the history of the house as you can. find out why its at auction....now what kind of auctions are these? foreclosures? you got to remember foreclosures are in trouble before they let go...so there can be a lot of maintenance issues...

most auctions you must be pre approved to bid...make sure you know the bidding process...now here is my best advice...decide the max bid you will make...remember this is not the last property on earth...do not get caught up in the auction and overbid.

go to the courthouse and review any records they have...find out as much as you can...if you can find houses that have sold in the area for the last 6 months and look at what they sold for...comps arent hard to do...just takes the time of doing it

 

[The Rabbi]

Know your market. I have seen properties sell at well over market prices as people get caught up in it. Figure your best price keeping in mind the unknowns and bid it early.