Government Auction Real Estate "How To" (Houses, Buildings, Hotels)
Property, or real estate auctions are one of the most common at the local level, but are available nationally as well. The reasons this property becomes available is often due to foreclosure (though usually not a government auction), back taxes being owed, seizure, or other legal matters. While different sales have different rules, depending on what is being sold, and who is selling it; there are some things in common. This overview will help you through them. Property sold at government auction is usually sold as is. This can be a potential problem as some real estate auctions do not allow you to inspect the property beforehand. In these case you will have to rely on exterior appearance, appraisals, previous inspection reports, the auction listing itself, or other public sources of information. Obviously, this can be risky, but that is part of why it is possible to get such property at excellent prices. There are some government auctions that are handled through Realtors. When this is the case, contact the Realtor handling the property to see if you can arrange for a more thorough inspection. Either way, they should know the property fairly and be able to answer questions. If you are dealing with a Realtor, you will be able to handle much, if not the entire, buying process. Take plenty of time to research as best as you can, based upon the particular property. There is a good chance that there are back taxes, liens or other possible problems with real estate that is up for auction. While a separate category, property seized for criminal activity can also have the same problems. Invariably, winning bidders are responsible for paying back taxes and bringing property up to code. This can be an expensive, and unnecessary surprise. Determine the value, have a set price firmly in mind, and do not go over it.
Before the auction you need to learn the terms of sale for any property you are interested in. Check to see which forms of payment are allowed. At the very least, you will have to pay a deposit at the site of sale. There will likely be a small amount of time to pay the remainder. On the day of the auction make sure you have any necessary paperwork, positive identification and the proper payment you will be required to make. You will have to pay close attention to the bidding and what the auctioneer is saying. There may be last minute changes or other pertinent information that could affect your bidding strategy. Speaking of bidding, notify the auctioneer immediately if you happen to bid unintentionally. After the sale you will have to take care of any and all terms and conditions of the sale. If everything went well, you can be sure you got the best deal possible. There is a certain satisfaction that comes from knowing you were able to get a great piece of property at a great price. |
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