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The Water Cooler
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Does anyone know anything about buying real estate at an auction?
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<blockquote data-quote="JesseR" data-source="post: 2014026" data-attributes="member: 5258"><p>The several personal experiences here...</p><p></p><p>Ask about any outstanding taxes that come with the property. </p><p></p><p>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.</p><p></p><p>Ask if there is a Reserve.</p><p></p><p>Visit the property as early as possible to review everything.</p><p></p><p>Auction properties come with no warranties and inspections are not allowed, so know what you are looking at.</p><p></p><p>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.</p><p></p><p>You must have all CASH and financing ready before the sale, they only take CASH so your bank needs to be ready.</p><p></p><p>Inquiry about any survey and if it has been completed or will be required.</p><p></p><p>All in all, watch out!</p></blockquote><p></p>
[QUOTE="JesseR, post: 2014026, member: 5258"] 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! [/QUOTE]
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Does anyone know anything about buying real estate at an auction?
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