Would this scare you and what would be your next step?

2 Replies

The below is the description of a house I would love to buy. I am out of state from it but it is my former neighborhood, where I have my two rental homes now. I have never took part in a auction and the idea scares me.

This home is a great investor opportunity. It will be sold on Thursday, July, 30. The price displayed is the Opening Bid amount of $83,314.49. Occupant status varies and buyer assumes responsibility of occupancy. It will be sold "As Is" under the direction and supervision of the Private Selling Officer defined in the judgment. Auction.com will be conducting the live auction. For more information, please visit Auction.com.

No, it wouldn't scare me.

If it's your former neighbhorhood, then hopefully you know somebody in the area.  Get them to do a drive-by and if it isn't occupied, a peek into the windows.  It's usually tough to get into auction.com properties, but you can try that too and see if they can do a video of the house for you to look at.  Better yet, see if you can get on Skype and you can ask them to hold their phone up to something you want a closer look at.

Do tons of research on the house.  Make sure you know what shape it is in so you know what your maximum bid is.  Don't forget to include the auction company's fee.

If the numbers work, go for it.

Thats a pretty good idea. Embarrassed I did not think of that. I have never bought anything from an Auction and it seems intimidating.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here