Has anyone here ever bought a home in auction?
What is the procedure, is it long and are there lot of red-tapes you have to go through?
I have never bought one, but I have been to auctions. There have been quite a few Florida properties floating around since the bubble broke. Very few are sold from the block. It is usually sealed bidding.
It is tough, because there is plenty of big money looking for a more marginal deal than the average person would settle for. There are plenty of others who are looking for the killing. Go for it.
Around here, you would do better going for contents in storage units. Other's tragedy may become your bargain. If there is a flood up north, within a couple of months there are used car auctions all over the place.
No, but I've tried to sell one at auction, and I just lost my $2,000 fee to the auctioneer. The bid on the house was $6,000 less than the price I paid for it before I invested close to $40,000 more in repairs and updates. This guy was a slick real estate agent who was also an auctioneer. I wasn't in financial trouble with the house, I just wanted to sell it and get away from being a landlord. He convinced me to let him do an auction. He wasn't able to sell it for me after the auction either, and blamed it on the tenants. The whole charade was an insult, and I learned a valuable lesson. I do not recommend the auction route for a seller.
If I were going to try to buy a house through an auction, I would get a good real estate agent to represent me. I wouldn't try it alone because there are too many charletons out there.
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