Buying property through auctions, how is it?

T

Member

I would have attended an auction recently, but the coronavirus stopped all of that from happening. Anyway, I will be going to the next house auction as soon as they can have one.


Since I've never purchased a home through an auction (a bank auction), I was wondering how it goes. Do you get to see the inside of the house you bid on? Can you walk around the property?


The only issue I have, is that you might not know what you're getting. So if I ever do it, I'm going to try and get my cousin to go along, as he's an inspector.

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April 17, 2020 2:48 PM

Member

Buying a home at auction is riskier than buying through the usual process. It is vital to be well educated about how real estate auctions work.

You can find home auctions through local governments, real estate agents, and online sites such as RealtyTrac.com and Auction.com.

Auction properties often do not allow a home inspection or any legal way to view the interior in person. If you cannot afford the risk of buying a property in poor condition, stick with auctions that allow you to inspect the property before bidding.


June 3, 2020 8:59 PM