Using a property auction to buy a house is gaining in popularity as buyers have come to realize that there are some great bargains to be found.
Property auctions are a good way to pick up unique properties as well. Former schoolhouses and churches and such are all available and a good place to start if you’re looking to take on a project; or, want a unique house.
Another good reason to consider a property auction to find the house you want where you can avoid being “trumped†by a higher offer after you thought you had it won when you either met the terms or thought you had verbal acceptance only to find out that someone came behind you and made a better offer and for whatever reason the seller decided to set aside your offer. At a property auction, the sale is final (subject to lender acceptance under certain circumstances); so, the deal is done.
If you want to go to an auction, it wouldn’t hurt to keep in mind these tips:
• Do Your Research Beforehand. The auction company will provide a listing with a description and a legal package. Look at the details for the property closely that are provided, i.e., avoid buying a “pig in a pokeâ€; you’ll likely regret it later. If you are serious, it makes sense to let your attorney do a quick review of the legal package as well.
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