Ask a realtor. My brother auctions off real estate from time to time. If you can't find someone, PM me and I'll point you in the direction of someone who would know.
The several personal experiences here...
Ask about any outstanding taxes that come with the property.
Understand that the auction price does not always mean you get the property. Let me explain, I won the bid for a house and 10 acres of land south east of Tulsa. After I won as the high bidder, I was taken inside and said the winning bid was too low and they wouldn't accept it. However I could buy the house for an additional 50K! :-0 I expressed my feelings very vocally and walked out.
Ask if there is a Reserve.
Visit the property as early as possible to review everything.
Auction properties come with no warranties and inspections are not allowed, so know what you are looking at.
Ask if it has a clean title, if it being sold as the result of a death, ask if a full succession has been performed and all family members have signed off.
You must have all CASH and financing ready before the sale, they only take CASH so your bank needs to be ready.
Inquiry about any survey and if it has been completed or will be required.
All in all, watch out!
Ask about any outstanding taxes that come with the property.
Understand that the auction price does not always mean you get the property. Let me explain, I won the bid for a house and 10 acres of land south east of Tulsa. After I won as the high bidder, I was taken inside and said the winning bid was too low and they wouldn't accept it. However I could buy the house for an additional 50K! :-0 I expressed my feelings very vocally and walked out.
Ask if there is a Reserve.
Visit the property as early as possible to review everything.
Auction properties come with no warranties and inspections are not allowed, so know what you are looking at.
Ask if it has a clean title, if it being sold as the result of a death, ask if a full succession has been performed and all family members have signed off.
You must have all CASH and financing ready before the sale, they only take CASH so your bank needs to be ready.
Inquiry about any survey and if it has been completed or will be required.
All in all, watch out!
I bid and won the HUD auction for my previous house. The realtor handled everything for me and I was pre-qualified for the amount of my bid. One thing to prepare for if you do win; you'll get a lot of mail from collection agencies if the property was a repo as mine was.
Yes, it follows the property not the person who's name it was in. If it's owed then you'll be responsible unless you want the county to take it
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