how should I buy my first home?

3 Replies

So there are multiple types of auctions. Foreclosure auctions through your County are typically all cash deals. You bid, you win, you have to pay in full in 24 hours. No time to get financing, etc.

We have bought a property through an estate sale, where they auctioned off the house, as well as the contents.  You can usually finance those in 30 days. It worked out well for us... paid $115,000 a year ago... it Zillows today at $235,000... so got a good deal.  Auctions are really just a question of who shows up, and how bad do they want it?  Foreclosure auctions attract bigger money... investors / agents investing large pools of money, etc.  Estate sales on the other hand are far more local... so you probably have a better chance at something like that. 

All the best!

Randy

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