Are Auction purchases risky ventures?

[badmomma]

I have to wonder if real estate auctions aren't risky ventures. How do
you get all of the normal information about them. I mean like the inspection information. When the sewer has last been cared for.

Do you get all of the homes information before you purchase it? I would be afraid that it would be like purchasing a used car. You could end up with a lemon unworthy of even lemonade.

Does anyone know how these types of auctions work? Perhaps one of you has purchase property at an auction. I just wonder if you think you got what you paid for.

[flip_it_fast]

I honestly don't know a whole lot about this but I would think they would be a bit risky. I mean you really can't know a lot of details about what you are bidding on. I wonder though, if you can have a home that is to be auctioned and that you are interested in, inspected before the auction. That would be much better if you can.

[JaredfromIndiana]

Originally Posted by badmomma

I have to wonder if real estate auctions aren't risky ventures. How do
you get all of the normal information about them. I mean like the inspection information. When the sewer has last been cared for.

Do you get all of the homes information before you purchase it? I would be afraid that it would be like purchasing a used car. You could end up with a lemon unworthy of even lemonade.

Does anyone know how these types of auctions work? Perhaps one of you has purchase property at an auction. I just wonder if you think you got what you paid for.

When a house goes up for auction the seller (agent or auctioneer) will set up times for potential buyers to inspect the property. A lot of the time the utilities won't be on, so you take a risk there. If you do decide to do it then give yourself enough room in your rehab budget that if you come across some leaks and such you have the means to have it repaired.