If you are house hunting, you know how expensive real estate is, and how difficult it can be to get the kind of property you really want and stay within your budget. Certain banks bundle the foreclosed inventory they have and offer them to the general public at auction. Purchasing property at one of the foreclosure sales Virginia auction houses promote can be great opportunities for those who do their homework.
If you have never participated in a real estate auction before, you need to understand the process before bidding. It is similar in some ways to the big online auction sites most people are familiar with. It is more complicated however than bidding on a handbag or a pair of shoes. Not everyone is familiar, for instance, with the difference between foreclosed and seized property auctions.
Most of the properties banks and government agencies offer have clear titles and any back taxes paid to date. Closings usually occur within thirty to sixty days. By contrast, sheriff's sales sell without any warranties, and the successful high bidder has to pay cash for the property on the day of sale.
If you are interested in a bank owned property, inspections are your responsibility. When the real estate is occupied, by the current owner or a renter, you may not be able to do more than a drive by inspection without risking a trespassing charge. Working with a Realtor can give you an advantage because the agent may actually have been in the house.
Some inexperienced bidders get intimidated by the quickness of a live auction and prefer to have their Realtors do the bidding on their behalf. If you would rather do your own bidding, you should consider attending a few auctions just to see how they are conducted before you participate. If there is a buyer's premium added to the high bid, you need to keep that in mind.
Getting your finances in order before you attend an auction is important. Most auction sale contracts are not contingent on you being approved for a mortgage. If you are unable to perform, the auctioneer has the right, which is usually exercised, to turn your earnest money deposit over to the seller. Published minimum bids are helpful because it makes it easier for bidders to determine how much the bank expects for a property.
A lot of investors follow multiple property foreclosure auctions because most of the properties are offered well below market value. You shouldn't be discouraged if you are outbid by someone who is more experienced than you. It is usually a good idea to be willing to bid on several properties in the hope of getting one of them instead of setting your sights on the one you fell in love with.
If you are willing to do some homework, purchasing a foreclosed property can be a great way to become a homeowner. Competitive bidding in an open forum is exciting and informative. You don't have to be an experienced auction goer to get a good deal.
If you have never participated in a real estate auction before, you need to understand the process before bidding. It is similar in some ways to the big online auction sites most people are familiar with. It is more complicated however than bidding on a handbag or a pair of shoes. Not everyone is familiar, for instance, with the difference between foreclosed and seized property auctions.
Most of the properties banks and government agencies offer have clear titles and any back taxes paid to date. Closings usually occur within thirty to sixty days. By contrast, sheriff's sales sell without any warranties, and the successful high bidder has to pay cash for the property on the day of sale.
If you are interested in a bank owned property, inspections are your responsibility. When the real estate is occupied, by the current owner or a renter, you may not be able to do more than a drive by inspection without risking a trespassing charge. Working with a Realtor can give you an advantage because the agent may actually have been in the house.
Some inexperienced bidders get intimidated by the quickness of a live auction and prefer to have their Realtors do the bidding on their behalf. If you would rather do your own bidding, you should consider attending a few auctions just to see how they are conducted before you participate. If there is a buyer's premium added to the high bid, you need to keep that in mind.
Getting your finances in order before you attend an auction is important. Most auction sale contracts are not contingent on you being approved for a mortgage. If you are unable to perform, the auctioneer has the right, which is usually exercised, to turn your earnest money deposit over to the seller. Published minimum bids are helpful because it makes it easier for bidders to determine how much the bank expects for a property.
A lot of investors follow multiple property foreclosure auctions because most of the properties are offered well below market value. You shouldn't be discouraged if you are outbid by someone who is more experienced than you. It is usually a good idea to be willing to bid on several properties in the hope of getting one of them instead of setting your sights on the one you fell in love with.
If you are willing to do some homework, purchasing a foreclosed property can be a great way to become a homeowner. Competitive bidding in an open forum is exciting and informative. You don't have to be an experienced auction goer to get a good deal.
About the Author:
When you are looking for the facts about foreclosure sales Virginia locals can come to our web pages today. More details are available at http://siwpc.net now.
Posts
0 comments:
Post a Comment