What to avoid when buying at auction.

flippinout · #1 12-04-2008, 04:30 PM

When you are considering buying property at a real estate auction, you have to be sure that you stay within your personal limits when bidding.

Remember that you cant do a home inspection before bidding on the property, and that there will be no warantees or guarantees with the sale.

Also be sure to ask before hand if these charges will be added to the final selling price of the property.

So you need to take into allowance, when buying at auction, that you may end up having to pay more than just the bid amount when all is said and done.

Be sure, also, to consider the fact that you may end up paying any outstanding property tax that will also go with the sale of said property.

flip_it_fast · #2 12-05-2008, 04:03 AM

Do you know if they ever allow you to tour the home before the date of the auction?

JaredfromIndiana · #3 12-05-2008, 12:42 PM

There is usually a set time for an open house before the auction. I saw one that had a 4 hour open house on a Tuesday or something like that.

Lady Flipper · #4 12-05-2008, 02:10 PM

Some of them you can't inspect at all. All you can do is walk around the house.

That makes it a big gamble, I would make sure to stick with those that can be inspected.

flippinout · #5 12-05-2008, 04:47 PM

Some houses here in Ohio that are coming up for auction, are published in the paper, I know that doesnt help a lot other than a walk around. To look at the outside of the house and property, but it is a little bit of a help anyway.

badmomma · #6 12-17-2008, 03:05 AM

An outside walk around is insufficient as far as I am soncerned. You could have major damage to the floors or walls and not even know it. I would also like to say that there is some foundation problems that may not be obvious from the outside.

We once went to look at a house and the floors were wavy. One room in the home was completely of kilter. Upon inspection of the basement we realized that we would have to dig it out and relevel the home. Some of the supports were in very bad shape so they would have to be replaced. Sad because it was a lovely home but the cost to fix it on top of the purchase was just too much.