I have been going to live auctions in my area without any luck. Either there is too much competition or the prices are too high and banks don't really want to sell those foreclosed properties on site. I have never bought a property online and I'd like to know if somebody can share their experiences purchasing auction properties online using Auction.com. What are the specific requirements and what to do once you win a bid on a property. I sincerely appreciate any feedback and comments before trying my first online bidding war.
I saw many online auctions, but never tried due to the minimum reserve, auction fees of 3%, and do not want to get into bidding war. I view auctions as a bank's way to unload property via any means possible. The normal method is list via MLS, use RE agents, pay RE commission, and negotiate with bank.
Can't say bad because i'm sure in the fine print, you still have the 10 day due diligence period and can back out for whatever reason.
Thanks Terry for your thoughts. I'm a real estate agent but MLS in my area is very tight for good investment properties and that's why I'd like to try other methods.
Despite what you may have heard, auction transactions are as-is where-is on a cash contract with no contingencies. You will do all your research prior to bidding. Your only "out" is that rare case where seller cannot deliver marketable title.
And all the time limitations are on you... not the seller.
Read and understand fully every term you are agreeing to by placing a bid.
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