Buying a home at auction is risky. The purchase price may be attractive, but that’s not the only cost you’ll have to pay.
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While the starting bidding price for a home at auction may be a good deal, it doesn’t necessarily mean the final price will be. If you’re thinking of buying a home at auction, you should be wary of a few things and do some research before making an offer.
First, make sure you’re strict with your budget. Don’t go over your final price just because you got wrapped up in the excitement of a bidding war.
Another thing you should know is that when you buy a property at auction, you won’t be able to get any warranties, guarantees, or inspections. Find out if the auctioneer is going to add those charges on top of the sale price. You should also find out if there are any liens on the property.
Be strict with your budget.
You also may be responsible for paying the property taxes on the house you just bought, which could make what looks like a good deal today become a really bad deal down the road.
If you have any questions for us or if you’re thinking of buying or selling, give us a call or send us an email. We look forward to hearing from you!
