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You've identified an ideal auction property. Now what?
Real estate auctions are exciting events, offering homebuyers and investors the exclusive opportunity to cash-in on many of the best deals on the market today.
Sellers, too, which typically include big banks, money lenders and financial institutions, among others, benefit by liquidating non-performing assets quickly and eliminating long-term carrying costs such as taxes, maintenance and more.
In other words, buyers come to buy and sellers come to sell, fostering a like-minded environment that often translates to fair -- and often better than fair -- market value home prices.
Real estate auctions are often fast-paced, which means that negotiation periods and the traditional purchase process are expedited. In addition, most auction properties are sold "as is, where is," meaning that it is critical that buyers research, view and make site visits (if possible) before bidding.
In fact, it is wise to attend a few auctions prior to actually participating to get a feel for the experience. This will also ensure that you are familiar with the associated rules, regulations and requirements to bid, covering all the bases from financing to closing to make the most informed decision possible.
Auction properties are traditionally awarded to bidders with the highest and/or best approved offers subject to specific auction requirements.
You set your own price!