If you are in the market to buy real estate, now is the time, and the auction method is the way! Interest rates are favorable, sellers are motivated to sell, and the auction method is surging in popularity. Smart buyers realize the benefits of buying real estate at auction and are profiting in the current market.
Real estate auctions give buyers an opportunity to evaluate their competition and feel confident that they are paying true market value for the property. Like no other form of real estate sales, the auction method allows you, the buyer, to determine the price you pay.
Before you buy at auction, there are several things you must do:
- Determine the type of property you wish to buy.
- Call auction companies that handle your type of property and ask to be put on their mailing list.
- Scan area newspapers for upcoming auctions ads.
- When you know a property you are interested in will be auctioned on a particular day, call the auction company and request information on the property.
- Attend previews and auctions to understand the process, meet the auction team, evaluate your competition and inquire about buying at auction.
- Arrive thirty minutes before the auction to register as a bidder and prepare to give an opening bid. This last step puts you on the “driver’s seat” right from the start.