Buying a home through online auction? I was scared out of my wits when I first heard about it. But gradually it dawned on me that it is not that difficult a task, as most people believe it is.
My research in online auction business in general and buying homes at online auctions in particular has resulted in innumerable points, I thought would be beneficial, if I could share with you all.
The new millennium ushered in technology at our doorstep making life comfortable to live. And to live we all need a home. With the advancement of technology, real estate business or property buying and selling over the years has undergone a dramatic change with at the click of the mouse you can see amazing homes around the country. What more, homes like any other household products are available at online auctions. The popularity of buying homes at online auctions has grown to such proportions that more and more homebuyers than ever before are buying homes at auction.
Buying a home is a tedious task, more so when it’s done at online auction. But with some meticulous planning and carefulness you could well end up buying one, which could save a lot of money, time and effort.
First and foremost, before the auction, you need to know your budget and have it in your bank account ready. Then come the location, size, and condition. It’s important to check the ownership history of the proposed home. Making comparison is a great idea, compare the cost involved with similar homes in the area, the number of rooms. Also look into the price difference due to decks, carpeting, windows and treatments.
Probably you won’t be able to make an inspection, perhaps buying home ‘as is’. If the repairs work or can’t hire it done within budget, you may not end up getting a good bargain at the end. This needs to be remembered.
And finally when you make it to auction, don’t succumb to temptations in the ‘bid war’. Stay within your budget limits. Remember you came to buy a home and make savings not to ‘defeat the other guy at bidding’. If you are not successful this time, there is always a next home next time.
Prior to actually bidding for a home at, make a check list of all the cost details including loan balance (if foreclosed), any back taxes owned, legal fee and other expenses in foreclosing the proposed property. This helps you get the facts right and know exactly the total costs involved.
Be careful and with proper planning, you could well end up getting your ‘Dream Home’ and make great savings.
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