Common Misconceptions About Property Auctions

Have you considered buying a new home at a real estate auction? While buying a house at a Geauga County property auction is not the most traditional route taken to find a new home, it is a very worthwhile option to consider. Real estate auctions held in Northeast Ohio are sometimes overlooked by house hunters in Bainbridge, Burton and Middlefield simply because of the unknown elements of the auction process, as well as some misconceptions that have developed around property auctions. Here are just a few of those common myths debunked:

OreillyTeam-CircleMasterFile-Jan15One misconception is that the property auction process is over-complicated and difficult to understand. On the contrary, the Ohio real estate auction process is designed to be as transparent as possible. Weeks prior to bidding, essential information and disclosures regarding the property are usually available at the auction site. You will have ample opportunities to have your questions answered.

Another myth about property auctions is that you cannot see the interior of the home before bidding. In almost all cases, this is not true. There will be several open houses held at the property to give interested buyers the opportunity to tour the home. If it is your preference, you will also likely be able to complete a home inspection at the property. However, because homes sold at auction are sold “as is,” as the buyer, you would have sole responsibility for any fixes or improvements to the property.

Some people believe that the homes sold at a Geauga County real estate auction are always run-down and distressed, needing complete renovation. While it is true that some property auctions in Northeast Ohio sell homes that have been bank-owned and vacant for some time, the majority of auctions are used to sell traditional family and luxury homes in areas such as Chardon and Chagrin Falls. It would be a mistake to ignore Ohio auction listings because of this false belief—you could miss out on well-maintained, desirable homes, some of which may have recently gone on the market.

An additional misconception is that if you win the auction, you must pay cash for the property. Some buyers choose to pay for the home in cash, but it is not a requirement. If you attend a high-end real estate auction anywhere in Ohio, you may be required to make a cash deposit to participate. However, that deposit will be used toward your down payment toward the purchase of the property.

Do you have additional questions about the property auction process? Give the O’Reilly Team a call today.