Steps to Take To Buy At a Real Estate Auction
April 22, 2008
In the present real estate environment, the first step for any buyer is to contact a lender. A consultation with a loan agent will be your first step. You can find out the amount of loan for which you will qualify, how much cash you will need for a down payment and closing costs. The loan agent can also inform you about the various types of loans that are currently available.
If you believe that you have the necessary cash available, the second step is to start the loan approval process. Having your financial package ready before bidding makes you a qualified bidder and will help eliminate complications if you are a successful bidder.
A third step is to search for published information about upcoming auctions. To save time, call a real estate agent and request a list of properties to be auctioned. If the agent does not have a list on hand, I feel certain the agent will obtain one for you.
Once you have found a property that is of interest to you, it is important that you get as much information as possible; including, but not limited to, a preliminary title report, an inspection of the property (hopefully you will be able to hire a professional inspector to provide a report on the condition). You will also want the agent to provide a current comparable market analysis to learn the sales price of other properties in the neighborhood.
Taking the time and spending a bit of money for these investigations will be valuable in your determination of the appropriate amount to bid.
These are steps you will want to take whether the property is being auctioned by a trustee at a foreclosure sale or by commercial auctioneer.
In the present real estate environment, the first step for any buyer is to contact a lender. A consultation with a loan agent will be your first step. You can find out the amount of loan for which you will qualify, how much cash you will need for a down payment and closing costs. The loan agent can also inform you about the various types of loans that are currently available.
If you believe that you have the necessary cash available, the second step is to start the loan approval process. Having your financial package ready before bidding makes you a qualified bidder and will help eliminate complications if you are a successful bidder.
A third step is to search for published information about upcoming auctions. To save time, call a real estate agent and request a list of properties to be auctioned. If the agent does not have a list on hand, I feel certain the agent will obtain one for you.
Once you have found a property that is of interest to you, it is important that you get as much information as possible; including, but not limited to, a preliminary title report, an inspection of the property (hopefully you will be able to hire a professional inspector to provide a report on the condition). You will also want the agent to provide a current comparable market analysis to learn the sales price of other properties in the neighborhood.
Taking the time and spending a bit of money for these investigations will be valuable in your determination of the appropriate amount to bid.
These are steps you will want to take whether the property is being auctioned by a trustee at a foreclosure sale or by commercial auctioneer.
posted by shirley harry at 8:43 AM
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