Thursday, May 6, 2010

Buying a home at an auction


A interesting article by June Fletcher at the Wall Street Journal regarding tips on "How to buy a home at aucton".
June suggests "You can pick up a deal at an auction—if you do a lot of sleuthing in advance, and can keep your emotions in check. But realize that seasoned investors often cherry-pick most of the best properties and try to make a deal with the owner before the property hits the courthouse steps. You should find a good buyer broker who's experienced with foreclosures and do the same. "
You should visit some auctions ahead of time just to get more comfortable with the process. Most auctions are published as a public notice in the newspaper for a specified period of time. A site called Realtytrac also lists properties. In the real estate section of this blog site, blogger.com, there are also blogs regarding foreclosure and auctions.
"When you've targeted a few prospects, look up their addresses on Web sites like Zillow to see what home values are in the neighborhood; since you'll have to pay more in costs and repairs than you would in a regular sale, you don't want to pay more than 70% of market value. Although you probably won't be able to get inside any of the properties, at least drive by to assess their conditions. " June suggests.
Just as in moving, don't try to go it alone without expert help.
When you move to your new home, don't go it alone either. Call Consumers Relocation for expert guidance. money and time savings. Call 800-839-6683

No comments:

Post a Comment