How to find real estate auctions in your area
It’s easy with our useful internet searches. I found some valuable sites. You have to be willing to spend preliminary time. In searching for the areas of interest, then inspecting the property. Make sure to ask about any encumbrances on title or on set backs or building code violations. Make sure you know what you are buying. Are their liens to be paid to have clear title. Are their any back taxes or insurance premiums due. What are the taxes and insurance for properties in this area. Is it waterfront property is flood insurance outrageous. Is flood insurance even attainable in this area. Many things to consider. I feel that having a seasoned realtor experienced in property auctions is well worth having. Usually the premium is built into the buyers premium and they offer it or a percentage to your realtor representing you. They need to register you as their client before the auction.
US Treasury / IRS Auctions website
Web address: ustreas.gov/auctions/irs/
- Free information to the public.
- These auctions are usually held at the local court house in the county of the property for sale.
- The terms of bidding, and disclosure of property is available on this site.
- 10% down payment upon successful bid. (this is non refundable)
- Most homes sold at auctions are sold as is where is.
- Within 30 days you need to come up with the balance. ( strong relations with a bank is advisable)
- Certified letter of proof of funds available is required day of auction.
USHomeAuction
Web address: ushomeauction.com
- For inspection of homes, they have open house for one week prior to auction.
- On-line you can review a portfolio on the property, full description and photos as well.
- First review by calender dates on homes being sold in your area of choice.
- Attend the lender foreclosure event dates and locations are given in advance of event.
List of items required for bidding:
- Photo ID
- $5,000
- Cashiers check made out to yourself.
- You will be assigned a bidding Number.
- Prior to the actual auction they perform a practice bidding session (Also there are assistants in the audience)
- Remember on winning bids ther is an additional 5% bidders premium added to the purchase price you bid on.
- So a $200,000 winning bid , + 5% bidders premium, makes the end price $210,000.
- A deposit of 5% + the $5,000 cashiers check endorsed is the required funds at the day of auction.
- In registering with this site you can choose the states you are interested in and they will send lists when they come available for auction.
SiezedLuxuryHome
Web address: siezedluxuryhome.com
This site is one of interest. Seized property means default be law or that they failed to abide by certain laws, resulting in seized homes that are sold at auction to the highest buyer. Bargains up to 90% off appraised value and at least 50% off. Information is guarded by realtor’s and dates are not always easily accessible to the general public. This site gives you all the information on this guard information. It has a one time fee of $34.95. Inspect properties early and know before hand your maximum bid. Do not get caught up in the bidding frenzie when the auction is over your soon realize you’ve over payed. Be a comprehensive buyer, look at the surrounding area. Do a comparative market analysis. What have homes sold for in the past 6 months to a maximum of one year. The market is changing rapidly, but be willing to hold onto the property to reap a future return. Look at the rental market will it carry the note, plus the taxes and insurance. Know your market before you jump into buying. Know your area and be realistic on future prospective markets. Rent the home until the market stabilizes.
