Realistically Buying a Property at Auction
More and more sellers are selling their homes by auction than ever before. Not all properties sold at auction are foreclosures anymore. However, buyers need to become more educated so they don't get disappointed.
Zillow is not the best source of information. Just because it is listed on Zillow doesn't mean the property is for sale, is listed with the agent whose name appears on it and it doesn't mean the price or value on the property is anywhere near being accurate or realistic.
If a property is being sold by auction the list price is generally the beginning bid. At auction the price has to start somewhere and the auctioneer will begin the bidding at the price the property is listed for.
The reserve is the price the seller wants or needs to get for the property when it is sold. When you call the auctioneer's office you will want to know what the reserve is. The beginning bid or listed price is irrelevant.
You will want to know how much deposit to bring to the auction and what the other requirements are. Not all auction companies require you to register unless you are being represented by an agent.
Some auction companies will let you view the property before the auction too, so ask if you can gain access to the home before the auction so you can determine it's condition. And, if you really like it, can you make an offer before the auction.
If you are thinking of buying or selling an home in Maryland give us a call at 410-292-0100 or start your search here and we'll talk about the market conditions and what your home could possibly be worth in today's market place if you are thinking of selling. If you are considering buying a home, there is no better time than now to buy. The tax savings and wealth building alone is worth the plunge into todays market. Remax New Beginnings and I are connected with some of the brightest and best real estate agents in the world and can assist with your move here in Maryland or anywhere in the United States or abroad. Ask me how.
June Piper-Brandon ~ Associate Broker ~ CDPE, CIAS, ePro, MRP
Remax New Beginnings