Questions Re: Auction Bids

1 Reply

Hi there! I'm brand new on BP, and new to everything -- RE investing, out-of-state investing, and BRRR. I am preparing to make an offer on an auction property in Ohio. It looks like I can make a bid in the online auction myself, or else I can have an agent represent me. I have a connection with an agent out there already, but the agent isn't as quick or as responsive as I'd prefer. I'm wondering what cons I might run into if I just make the bid online myself? Or is it worth trying to find a new agent ASAP and going through another person?

Also, more generally, the property is obviously sold as-is, and I can't do an inspection before bidding. Is this a terrible idea? I really love the comps, the area, and the bones, but what if there's some kind of major foundation issue? I'd love to hear from anyone who has experience in this area.

Thank you so much!

April

April,

Having bought a few dozen auction properties, I can help you in the right direction. Rarely is anyone doing an inspection BEFORE the offer, and most auction properties do allow for inspection after the offer (like a normal real estate transaction). If your agent isnt responsive or quick, might be time to get a new one who is. Being protected in the transaction is a huge bonus to you, so it would be worth getting an agent involved.