Real Estate Auction
Real Estate Auction: 5 Tips For Your First Experience
If you’re bold and a risk-taker snapping up a new home or an investment property from a real estate auction can be a great opportunity. Many homes that have been foreclosed are being auctioned for a fraction of the original cost by banks, and many are in move-in condition. Here are five tips to help you step onto the property ladder.
1. Be Prepared to Lose
That doesn’t mean be prepared to lose at bidding, but be prepared to lose your investment. Investing in real estate through auctions is a big risk, and someone new to the game is likely to make some pretty big mistakes along the way. What may seem like a great deal can turn into a disaster that needs to be bulldozed to the ground at your own cost. Bid with caution, and don’t quit your day job.
2. Observe
Once you’ve decided to give a real estate auction a go, start researching the process by observation. See what happens at a live auction, chat to bidders, and absorb all the information you can. While you’re learning, you may come across the “perfect” investment. A big part of auctions is learning when to pass on deals, even if they’re good, in order to stick to your personal goals. So during observation, take the pressure off yourself and commit to not bidding.
3. Prepare
When you decide to take the plunge, you’ll need to be ready. Get a list of the homes to be auctioned and inspect all of those that you are interested in. You won’t be able to get inside, but you can get a decent look around the property and at the grounds and neighborhood. Research market prices for similarly sized homes, and choose a bidding limit for yourself. When you arrive at the auction, bring a notebook and certified check at the specified minimum to secure your wins and prove intent.
4. Budget
When you do budget your bidding, remember to include the buyer premium, which is often 5%. This money will go towards the auction house and is on top of your winning bid. Keep this figure handy during auction so you don’t go over your maximum. And when you do set your max, set it depending on each individual property. Just because you have $300,000 to spend, doesn’t mean that each home up for grabs will be worth that much. If it’s worth $250,000, set that as your max for a particular home.
5. Bid First
Don’t be afraid to be bold and make the first bid, especially early on during the auction. If there are several new investors, they’ll shy away from attacking the first few homes up for auction. If you have your heart set on one particular house, forget about it. Prime properties will be highly coveted, and most likely everyone else will be there for the same handful of dream homes as well. You may even end up in a bidding war and pay what you would normally. Use auctions to save money and make investments, not to snag that perfect house.
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Real Estate Auction Warning
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