Buyers Benefit at Real Estate Auctions

Buying a home can be a long process.

By the time you find the area that you’d like to buy in, locate the home that you want and then go through the entire process, it may take as long as a year from the start of your search until you move in. There is another option. Purchasing a home through a real estate auction can offer you a streamlined process for buying the property of your dreams.

OreillyTeam-HomeAuctionCircle2-Jan15When you decide to look for a home through the auction process you can move very quickly. Generally, homes offered for sale as part of an auction are marketed for about four to six weeks before the actual auction. This allows time for you as a buyer to decide if it is a property that you might be interested in. During this window prior to the auction, there are usually open houses that will give you and your family a chance to visit the interior of the home and check out the amenities. If you decide that the home is what you are looking for, you do have the option to bring an inspector into the home before you purchase it. One key consideration is that any defects you find in the home would be your responsibility. Homes sold during an auction are sold “as is.”

Once you have looked at the home and decided that you would like to pursue it, the next step is to get your paperwork together. Much like a traditional sale, you will need to have proof of financing and money prepared for a deposit. The benefit to you as a buyer purchasing a home at an auction is that you can do all of this ahead of time instead of rushing when you find a home. Since you know that a home is being auctioned, you can use the lead time to get your financial paperwork in order.

On the day of the auction, it is beneficial to plan to arrive at the property or place of the auction early. This will give you a chance to register, get your bidding paperwork and find a seat. Unlike a traditional real estate sale, you will know quickly whether or not you have won your home. Without negotiation, you may know in just minutes if you have secured your home. If you do win the bidding, then you will benefit from a streamlined closing process that will allow you to take ownership in as little as thirty days.

If you are looking for a way to get the home of your dreams without the hassles of traditional real estate purchases, consider participating in a real estate auction. Call the experts at the O’Reilly Team today for help finding your ideal home!