According to Fannie Mae, the top five reasons people buy a home are: to have a place where their family can feel safe, raise their children, have more space; freedom to renovate and knowing that owning is a better investment. Purchasing investment real estate is not only a lucrative way to increase your investment portfolio but it can also help you to secure a larger nest egg for your retirement. Successful investors will tell you that success in the real estate market depends on your ability to look beyond searching the multiple listings for real estate opportunities. If you are new to the world of real estate investments your first rule of thumb is to learn that you have many options at your disposal including attending real estate auctions.
What Types of Properties are Sold at Auctions?
You can expect to find a variety of assets or properties being sold at auctions. This process varies by state but a foreclosed property isn’t the only kind you can expect to find. According to real estate professionals, luxury homes and commercial assets such as apartment buildings, office buildings and many others including brand new homes are also available at auction. The best way to purchase real estate is in-person to ensure that all the required contracts, disclosure documents, escrow and other items required by law are processed in the correct manner.
Process of Bidding on Homes at Auction
Real estate auctions are often held at the property being auctioned. Many States including Texas allow auctions to take place in any venue such as a convention center where multiple properties are often sold at auction during the course of a single day. Auctions are open to the general public at no charge. However you will need to complete the registration process in order to place a bid.
Tips for Buying a House at an Auction for Seasoned or First Time Buyers
Research auctions before they hit the auction block: Consult with your Central Texas Auction Services professional to find real estate auctions in your area. Be sure to do your research by reading any documents and transaction details prior to the start of the auction. Research the estimated market value of the property along with viewing the property in person prior to the auction starting. You are always welcome to inspect any property offered by Central Texas Auction Services LLC. prior to auction day simply by calling and scheduling an appointment.
Drive by the property for sale: It’s always a good idea to drive by the property and take a look at the exterior condition. If you are interested in the property, you should contact the Auction and Realty company to schedule an appointment to preview the inside of the property. You are always welcome to bring a professional inspector at any Central Texas Auction Services auction prior to auction day. Remember, when you bid on a property, you are essentially getting a piece of property that is in an “as-is” condition. Be sure to factor in the cost of repairs when deciding upon the amount of money you are willing to invest in your final bid and make sure your finances are in order before attending the auction. Cash or a cashier’s checks are two of the most widely accepted forms of payment.
Attend the real estate auction and bid!: Check in at least one hour before the auction begins and don’t forget to raise your auction bidder card when the auctioneer announces a price that you are comfortable bidding upon. Once the last bid is placed and if you are the accepted winning bidder, you will be signing an auction purchase agreement and be responsible for a percentage due on auction day, with the balance usually due in 45 days. All closings for Central Texas Auction Services are closed at a local title company to ensure you a clear and negotiable title to your property.
Buying & Selling Real Estate at Auction in Belton, Waco, Killeen, Temple & Central Texas
Purchasing property at auction is a great way to enhance your investment portfolio so take advantage of any resources at your disposable and do your homework to ensure that you aren’t successful during the auction bidding process. To learn more about real estate auction opportunities in Texas, contact the knowledgeable experts at Central Texas Auction Services today.