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Auction Tips
  • Set a maximum bidding price, this number should come after you have done all of your due diligence researching the property and assessing its market value.
  • Get some experience first by attending other auctions and just watching. This will help you to get a feel for how auctions are run, and can help save you money when you actually attend one where you plan on making a purchase.
  • Dress well: You may not realize it but your appearance can actually make a difference in how much you will spend at an auction. This is because if others see you dressed immaculately they'll assume you have substantial funds to spend, so the odds of them going into a bidding war with you actually drops.
  • Do your research: You need to check and see if there are any outstanding liens or home equity values on the property, or if the owner has filed bankruptcy. This is of crucial importance, and will determine how much you should be willing to spend at the auction. If there are liens on this property, they will be transferred through ownership making you responsible for paying them off. If the owner has filed for bankruptcy and the property has been foreclosed on, then the buyer will usually be responsible for paying off the remaining debt. You need to know how much equity has been paid off because, again, you will likely be responsible for paying the remaining difference of the debt.
  • Make sure you bring cash or certified or funds if you're serious about purchasing a property.
  • Be aware that the buyer is almost always responsible for closing costs at an auction.
  • To participate in most auctions you'll have to give a deposit of either a certified or cashiers check.
 
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