Ever thought about investing in real estate? Pulling the trigger and making the decision to buy an investment property can be a difficult one, but buying investment real estate at auction is actually a simple, transparent process that allows you to bid based on exactly what you want to pay.
Here are answers to some common real estate auction questions we hear and some of the benefits buyers enjoy when buying investment properties at auction.
Q: Am I making a smart investment when purchasing through an auction?
A: Smart investment property purchases are typically made at auction because properties are purchased at fair market value through competitive bidding. And, as a buyer, you are ultimately setting the purchase price, which ensures you won’t pay more than what you want.
Q: Aside from the information provided in the auction listing, how can I obtain more information about the property and its current condition? Nobody wants to get stuck with a money pit.
A: If the property is not strictly listed online, then we always suggest buyer(s) view the property in person on the day of auction. Potential buyers also receive comprehensive information and disclosures on properties via the Property Information Package.
Q: When buying investment properties through other outlets, buying can turn into a long, drawn-out process. How can I ensure that won’t happen with an auction property?
A: There are several perks to purchasing a property this way. Overall, auctions reduce the time required to purchase property. First and foremost, when a house is put up for auction you know the seller is motivated to sell and the buyers are motivated to buy, so there is a mutual agreement from the start to keep the purchase process moving forward. Secondly, with an auction property, you don’t have to worry about long negotiations, other waiting periods or sellers holding out for unrealistic list prices. And finally, purchasing and closing dates are known in advance.
Q: Is buying an investment property thru an online auction just as easy and efficient?
A: Yes! Online bidding offers buyers the ultimate convenience in purchasing real estate, and it’s a great way to effectively locate and purchase real estate investment properties at affordable prices.
– In multi-property auctions the buyer sees many offerings in the same place, at the same time .
– Buyers know they are competing fairly and on the same terms as all other buyers .