Selling Your Home at Auction
Buying a home at auction
Buying a home at auction can be a great way to find a bargain, but it’s not without risks. First time buyers should consult an expert before making any bids. According to Castle, they should also understand how an auction works and what the process involves. In addition to this, they should know how to plan for a mortgage. In most cases, mortgage lenders will only approve loans based on how much the property is valued at the auction.
It’s important to note that you won’t be able to perform a home inspection before bidding on a house at an auction, but you can still get some information by performing a drive-by. In addition, you should hire an attorney to do a title search and discover any liens that could become your responsibility. These include unpaid property taxes, tax liens, judgments, and mechanic liens. Lastly, you should always attend the auction with funds in hand.
Selling a home at auction
If you’re selling your home at auction, it’s important to choose the right process and the right auctioneer. This will help ensure that you get the highest price for your property. Also, be sure to review all the terms and conditions of the sale before you bid. You’ll typically need a bid card or paddle to bid at an auction. And, remember to buy title insurance during escrow or immediately after closing. This will protect you from liens that may not have been uncovered during the title search. It’s also wise to avoid making any major renovations or moving in until you receive the certificate of sale.