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Blueprint to Buying a Home at Auction

Buying a home at auction is not as complicated a process as you might think. Whether you’re in the market for a family home or an investment property, the few moments you take right now to learn how it works could eventually pay off big time down the road. The first thing we should address is the outdated idea that property auctions are only for distressed properties. When you’re done reading this article, feel free to browse our listings. As a boutique auction specialist, Open Door Auctions has turned the traditional notion of buying real estate on its ear. But we won’t wander too far afield on that topic right now.

Today you’re going to learn how to function like a seasoned pro leading up to and during a property auction.

Locate Properties
It’s hard to buy a property at auction or anywhere else if you haven’t done your homework up front. This means you need to spend some time in the days or weeks leading up to a sale reviewing properties and deciding what you want to bid for them. Though the open house doesn’t happen until the day of the auction, you can still drive by and get a feel for whether or not it’s something you might want to bid on.

Perhaps the most important advice we can offer is to develop a system for evaluating and categorizing potential homes. Buying a home can be stressful under the best of conditions. Allow it to deteriorate into chaos and you might end up on your back in a psychiatrist’s office before it’s all over. Open Door Auctions maintains a convenient list of upcoming auctions. With our two week sales process, you know an opportunity to bid on the home of your dreams is never too far away.

Can You Get a Bargain?
Our goal is to sell our properties at whatever price the market dictates is correct. But sometimes the market takes a vacation. For whatever reason, some auctions draw oodles of bids and some not so many. Maybe the big bidder was sick that day and decided not to show up. The auction process, though perhaps the most inherently fair selling system in the world, sometimes works in the buyer’s favor on a particular day. So even if you walk in thinking the listed price is a bargain, there’s a chance you might get an even better deal than anticipated. Why do you think eBay has been so popular for so many years? People love the element of the unexpected that accompanies an auction. But the bottom line is to know what similar houses in the area have been selling for. The market doesn’t lie.

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What’s Your Bid?
You should have a firm upper limit in mind of what you can afford to bid on the property before you even put the key in the ignition to leave your driveway. Sure, the prospect of attending an auction and perhaps buying a home is exciting, but don’t lose your mind (and pocketbook) in the process. Analyze the house in the cold light of day, decide what is the amount of money you are willing to pay and, pretty please with sugar on top, don’t go over it, especially if you can’t really afford it.

Yes, we’re in the house selling business and we love the sweet cha-ching of another happy seller and buyer but we don’t want anyone to take on more of financial burden than they can bear. There have been enough foreclosures in the past few years to sink a battleship. Let’s not add another one to the pile. The message in this section is not to lose your mind in the heat of bidding for a house just because you really really really want it. If you can’t afford it, it’s not worth it.

The great thing about Open Door Auctions is we’ve done away with the whole screeching auctioneer and shouted bids process, the pointless hoopla typically found at foreclosure auctions. Our auctions are quite peaceful events, with interested parties touring the home at their leisure before submitting a written bid for the property. If the seller decides to accept your bid, you’ll get the news quickly – maybe even before you depart. The truth is that foreclosure auctions are the kind that have given other types a bad name. You won’t have to worry about that kind of silliness with us.

As they say in show biz, that’s a wrap, folks. You are now prepared to hit the ODA listings and begin looking for the home of your dreams, secure in the knowledge that buying a home at one of our auctions puts you on the cutting edge of real estate evolution.

The Open Door Auctions Team

 

 

 

 


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