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8 Things to Never Do at Property Auctions

Posted on by adminsep1607

property-auctionKnown as an accelerated marketing and competitive bidding process that involves a public sale of real estate assets, property auctions have long been a favorite avenue amongst investors and even sellers.

But as someone who wishes to bid and score a great deal, there are a number of things that one should never do at one of these property auctions. Care to find out what they are? Read on.

  1. Never come unprepared. Know everything you can about the auction from the organizers to the procedures to the location to the assets being held up for sale. Research is crucial and it can spell either the success or demise of your game.
  2. Never forget to prearrange one’s financing. Before participating to bid, be sure that you have the resources necessary to complete the transaction should you be awarded as the winning bidder. In most auctions, a security deposit will be asked of participants and a winning bidder will be required to pay upfront costs with the remainder to be paid depending on the terms set by the selling party. Failure to do so will strip you of the chance so be sure that your finances are ready and accessible.
  3. Never overlook inspections. Chances are, you’ll get a brochure or newsletter prior to the bidding day. That or you can look things up on a website. It’s a must because this is part of preparation. One has to peruse the available properties to better gauge which ones would fit your needs. That and you’ll need to pay it a visit much like an open house and get in surveyed by a professional.
  4. Never overspend. It’s a no-brainer but a lot of people still commit the crime of going beyond their budget. Prior to the auction, make it a point to set a bar and stick to it no matter what. Never let emotions ride over your senses because this is still business regardless if you are purchasing for personal or commercial use.
  5. Never be too transparent. When attending property auctions, make it a point to keep your cards as close to your chest as possible. Don’t be too obvious or even chatty to both co-bidders and sellers about your plans, which assets you like and how much you are willing to spend on them. That information might be used against you.

Fast Facts on Property Auctions

Posted on by adminsep1607

You may have already heard about property auctions but never really got to know about it. Well this is your lucky day as we are about to give you these fast facts to help you understand how it works, what you can get form it and whether it’s something for you to try. Are you ready? Let’s go!

What is it?

A property auction was designed as a form of intense and accelerated real estate marketing method that involves the sale of any property — residential, commercial and industrial — through open cry competitive bidding. In other words, interested buyers bid against one another for the assets, each of which are sold to the person offering the highest price. You can check out for properties that are on the market.

How come people flock it?

What makes property auctions very appealing is the fact that buyers and investors can potentially purchase an asset for far less than its supposed sales price or market value should it otherwise be sold in the regular means or platform. (The reasons for this will be explained in the next part of this article.) Of course, it is still important to take note of how certain assets are priced and valued as well as ample research because sellers will still want to garner as much profits as they could. You need to know your limits and when to bid up or forego.

Why do properties end up in an auction?

There are many reasons as to why a certain real estate asset ends up in an auction. One is when the previous owner failed to pay their mortgage for several months leading to a foreclosure. The financial provider then puts it up for bidding to recover as much resources to cover its losses from the borrower’s failure to comply with their credit.

Another is when a cerproperty-auctiontain property’s owner does not pay taxes or has become delinquent in state or local income taxes. Instead of the bank or a similar financial provider, the unpaid tax authority or government arm will seize the asset and put it up for bidding.

Bur foreclosures aren’t the only sources of the items you see in property auctions. Marketers, agents, investors and owners also put it up in order to widen their market reach. This is especially true when the economy has gone sour or demand for the asset is not as good. They take advantage of people who would want to take advantage of auctions.