Real Estate Auction Action - Buying a Home at Auction

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Real Estate Auction Action - Buying A Home At Auction
By Jakob Jelling

Real Estate Auction Action - Buying A Home At Auction
by: Jakob Jelling

Due in part to the popularity of the U. S. Department of Housing and Urban Development (HUD)'s
home auction program, more potential homebuyers than ever are buying homes at auction. Homes for
auction aren't limited to just HUD, however. Many government entities auction homes for payment of
back taxes, and some homeowners even auction their homes on eBay.com!

Homebuyers considering buying a home at auction should take some steps in advance to help them
with their bid price, and even whether to bid at all on a specific home. There will always be a degree of
risk when buying a home this way, but with a little diligence, potential homebuyers could save a lot of
money buying in this manner.

Before the auction, you should have your financing arranged, and have enough cash on hand or in
your bank account to cover a deposit on your purchase. You need to check the features, location,
condition, and ownership history first. Afterwards, be sure to learn what the property is worth by looking
at sales of comparable properties in the same area. Compare homes with the same number of rooms
is possible, but be sure to allow for price differences due to pools, decks, carpeting, window
treatments, etc.

At the auction itself, resist the temptation to get into a personal bidding war, just "to beat out the other
guy". Have a set price limit and stick to it. Other houses will come along, and you don't have to win the
first auction that comes your way.

You should know that the price of a home at auction is typically the loan balance (if foreclosed), plus
any back taxes owed, plus legal fees and other expenses in foreclosing the property. This will typically
be the opening bid amount, and the price will go up from there. Even so, it's possible to get a great
deal in an auctioned house, with a little research and planning first.

Also, know that you probably won't be able to get an inspection, and are buying the home "as is". If you
can't do any needed repair work yourself, or can't hire it done within your budget, you may not end up
getting such a bargain in the end.

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Jakob Jelling is the founder of http://www.cashbazar.com. Visit his website for the latest on personal
finance, debt elimination, budgeting, credit cards and real estate.

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You Can Find a Great Deal at a Real Estate Auction
By Kenn Fong

A real estate auction works pretty much like any other type of auction. It does not matter if the property
is owned by the seller, or a government auction of foreclosed property, auctions are an exceptional
way for selling and buying property fast, with the prospect of receiving a great deal.

There are typically three forms of auction used in a real estate. They are Absolute Auctions; which is
where the property is sold to the highest bidder regardless of the price this is a no reserve auction.
Minimum Bid Auctions are auctions that start at a minimum bid, which is declared before the auction
starts. Reserve Auction is an auction where the minimum bid is private the seller sets the minimum bid
that he is willing to sell the property for. The auction goes on like there is no minimum, but if the
reserve price is not met, there will be no winning bidder for that auction.

The ways which these auctions are executed can differ depending on the kind of property, and the way
in which the seller desires to auction his property. These include Sealed Bids which is where bids are
mailed in to a specified place before the opening of bidding. Bids cannot be changed once the bidding
has opened, and the property is given to the highest bidder. Nobody knows what anybody else bid, so
you bid the amount of money you are willing to spend to win the property.

Public auction is the type of auction that is most common, and bidders bring bid deposits. The
auctioneer starts the auction and the bids continue until there are no more bids. The highest bidder
wins the property.

Anyone can attend and bid on these properties as long as you can register and pay for your winnings.
There are many real estate investors who come to bid on these properties as they purchase them to
make money on them.

They often by the cheaper properties to have rental income, and will purchase some more expensive
ones if they can get it for low cost on the dollar, and put it on the market to sell less than what it would
go for normally, but still making a profit for themselves.

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