How to Buy a House at Auction
Posted by Jag Sidhu PREC* on
Purchasing a home at auction can be an exciting opportunity to acquire property, often at a competitive price. However, it requires careful preparation, thorough research, and a clear understanding of the process. Here's a step-by-step guide to help you navigate buying a house at auction.
1. Understand the Auction Process
Before diving in, familiarize yourself with how property auctions work. Auctions can be conducted in person or online, and they typically fall into three categories:
• Absolute Auction: The property is sold to the highest bidder, regardless of price.
• Minimum Bid Auction: Bidding starts at a predetermined minimum price.
• Reserve Auction: The seller sets a hidden minimum price; if bidding doesn't reach this reserve,…
414 Views, 0 Comments