Buying houses on auction, ever do it?

Member

Have you ever purchase houses off of an auction? Maybe it was a bank auction as someone owed a debt, or it's an estate sale where the house is sold last.


Who here has purchased a house from an auction?

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April 22, 2020 5:31 PM

Yes I have. Only once. It was a hassle. It was a bank owned home and foreclosed. It was listed on the market starting at 10 grand. It had a good amount of work that needed to be done but I could easily bang it out in one year's time. Anyways, I put in a bid and kept getting knocked out. I put my final bid in of $36,500 and was declared the winner only to be told FIVE DAYS later that they made a mistake and someone had put in a bid higher than mine so the bank took it. I feel like it was someone dealing the house through the bank knew personally. It was BS too because they only ended up selling it for literally $100 over mine final offer. I'll never do an auction again.

April 23, 2020 5:23 PM
T

Member

Never did an auction, but was going to go to one a while back to check out what they had up for auction. Sadly no houses or property, but I got some old retro games, some records and a few other small things.


One of these days I'd like to try and buy a house through an auction.

April 23, 2020 7:21 PM
P

Member

I have not purchased a house off auction yet. But there was a lot of auctions the last year near me. I think when we are allowed to go out again, I'll check out upcoming auctions, because I've seen some good houses in the past going up for auction.


Anyway, buying from auctions are a good way to get a house cheap sometimes. It's not always, but you sometimes get lucky.

April 24, 2020 4:41 PM

Member

YES! I find these to be the best ways to fish out deals. A lot of these homes start at next to nothing. One of the forclosed homes we snagged last year started at $0 in fact. We were able to be in a bidding war with only 2 other people and because of the area and the tax prices, we won the bid. They both backed out when it hit $30,000. It needed a good $40,000 in repairs but we ended up putting it back on the market for $210,000. It is currently being considered by a family of 4 for $190,00.

May 22, 2020 9:56 PM

Member

Auctions can be a great way to snap up property at the best prices – but only if you know what you’re doing. Going to an auction is one way to land a property bargain in a quick sale and avoid a potentially lengthy, conventional buying process. But it’s often the domain of experienced investors and not for the faint-hearted. Your purchase is binding as soon as the auctioneer’s gavel (hammer) slams on your bid, with all the benefits and drawbacks, that come along with it.

May 23, 2020 11:51 PM

Member

Yes, I did as a first-time buyer purchasing properties in our auction rooms. ... First-time buyers purchase at auction because it can save them money, especially if they are prepared to do some DIY which will add value to the property after they have purchased it.

May 24, 2020 10:17 PM