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.

Facebook Twitter LinkedIn Telegram Whatsapp Pocket
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

Member

I have done it once and I did not like the experience. I was outbid but the man later dropped out so I got a call for my offer and accepted it. A week goes by without hearing anything and I find out the man was able to put his offer BACK on the table and buy the house. No one was even going to call me and like a moron, I was sorting things out at the bank the day before.

July 24, 2020 1:04 AM

Member

I would never want to do it this way. I know it is a great way to get a good deal on a foreclosed home but you never know what you are getting yourself into. I know someone who got a home through an auction and had to put over 150k into it just for it to be considered livable. It was infested with termites and had mold in the walls. He ended up tearing it down and selling the land after all that taking a loss of 50k.

July 25, 2020 8:30 PM

If you can manage to find a home that needs little work and you get at less than the market value, consider yourself lucky. Most homes that are move in ready are bough up fast by people looking to buy the home to live in.

July 25, 2020 8:59 PM

Member

You really have to study the trade and know what you are getting. A lot of these homes come "as is" and you end up buying homes that will cost a lot to fix up and may come with issues in selling.

July 26, 2020 1:55 AM