Buying homes at auction is another way to go about a home purchase. Generally speaking most people that buy at the auction are savvy investors. Homes that are sold at auction are homes that home owner has defaulted on their home loan and are being foreclosed. With a simple request for information, I can provide you with information on upcoming foreclosed homes at auction. Just fill in the form below to be contacted.
Some things to know about homes being sold at auction:
Many homes sold at auction are sold in either lawyers offices (trustee for the beneficiary) or at the county courthouse steps. When bidding on homes at the auction you DO NOT have an inspection period. All sales conducted at the auction are done as is, where is with no warranties. You may consider driving by properties to determine if they are occupied, overall condition and to make sure they may meet your needs. Often you won’t even get a chance to see interior of home before you decide on purchase. You can see, the risk is higher, but you can also get some real good deals at the auction. If your bid is accepted, a $10,000 non-refundable check is needed to secure the deal, and the balance will be due within 24 hours. With such tight time frames cash is the most common form of payment for auctions homes.
It is also wise to make sure you know what you’re bidding on. Sometimes homes have multiple loans and you don’t want to purchase a 2nd position loans and then have to contend with paying off the 1st lien to take ownership. Make sure you know what you’re bidding on, this can be a VERY COSTLY mistake.
Know your end game. What is the reason for you purchase of a auction home in Laveen? Are you looking to owner occupy the home, fix and flip, fix and rent, or something in between? Knowing what your game plan is will help you determine your numbers and know what your bidding limit may be.
If you’d like to discuss buying a Laveen home at auction, send a contact request to me below and I’ll be in contact.
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