Tips For Buying a Home at an Auction

If you are interested in expanding your home search to include property auctions, you likely have some questions about the auction process. Bidding on, and potentially buying, a home through a property auction is very different from the traditional home buying process. There are several steps that you can take to ensure you have the best possible experience during the auction.

Home Auction GavelDo your homework. The purchase of any property will require a significant amount of research. If you are preparing to buy a home at an auction, this is particularly true. Before you attend the auction at which you intend to bid, attend one or two other property auctions as an observer. This will give you the opportunity to watch the entire auction process from start to finish, including the winning bidder. You can learn a lot simply from observing.

Plan for a home inspection. Even though auction properties are sold as they are, in many cases you will have the opportunity to tour an auction property with a home inspector. The inspection can alert you to any essential fixes or potential issues with the home that you will be responsible for completing. Knowing this ahead of time will help you determine if the home, in the condition it will be sold, is affordable for your budget.

Consult a realtor who specializes in auctions. An experienced professional will be able to answer your questions and provide some helpful insights into the property auction process.

Are you interested in purchasing a home through a property auction? Contact the auction staff at O’Reilly Team! Call today for more information.