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Buying Real Estate During Public Auctions

Aug 18, 2007
If you are in search of purchasing your own house or wish to venture into real estate property, you could think about going to real estate auctions in your neighborhood. You must thoroughly scan what is being offered. In these auctions you will generally come across properties that have been shut out. You might get a hold of these shut out properties at lower rates, as compared to the value in the market, but only if you happen to be the highest bidder.

You should take into account that these properties have been owned in the past. Therefore you might not really get a clear picture regarding the condition these properties. This means that prior to involving yourself in real estate auctions that are open to public you should be aware of the pros and cons.

Keep in mind that in case you have acquired the property at the auction, for lesser than the value in the market; you may have to be ready to carry out quite a lot of investment in renovating the property. In addition you might run into legal issues. Therefore it is worthwhile to seek advice from a real estate attorney in these matters.

Once you have made it clear in your mind to involve yourself and buy from a real estate auction, the next step is to settle on what type of real estate auction you would like to look into. The United States government, via its Treasury section generally arranges for quite a few real estate public auctions year after year on properties that have been shut out.

These real estate properties have been owned in the past and for some or the other, the owners of these properties have not been able to go on with maintaining the property. There have been quite a few occasions where the properties at real estate auctions organized by the government are properties that have been confiscated because of criminal activities.

To have a look at the real estate auctions that are held by the United States government, you can go through listings from the General Services Administration (GSA), or also the Department of Housing and Urban Development (HUD), as well as the IRS foreclosed properties.

A large amount of properties are sold at auctions. Valuable unoccupied pieces of land, quiet residential properties, investment properties and commercial properties are a great hit at the auctions. Properties which were in existence in the market since a long time get sold in the course of the auction process. Exclusive and properties for particular use on the other hand, might not be well presented at such auctions.

To be entitled to bid, a probable buyer has got to put his/her name down before the auction or else on the day of the auction. All the bidders are required to pen down the amount of money, which has been resolved earlier. This amount of money has to be ready by filling in a certified check or a cashiers check. You must get in touch with the auction office to get to know the amount of the deposit because every auction sale is different. There is a possibility that personal checks might be acknowledged under particular circumstances. If you have not won any bid then the auctioneer returns your check back to you without any further delay. If by chance you place a high bid, that check turns out to be the money in your hands; then you put down your signature on a contract of sale and take responsibility to meet all the terms and conditions of the auction specified.
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