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20151124what to know before buying a home at auction
Let's say you are in the home buying market and have decided to buy a home . So you're driving around the neighborhood and spot a For Sale by Owner sign in a yard. It's probably a small red-and-white sign, with a hand-scrawled phone number. I did recently see a For Sale by Owner sign that was made out of wood and engraved with the seller's name and phone number, like an architect's sign, but many For Sale by Owner signs are handmade.
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It can be tempting to buy a house at auction. Home buyers are lured by the chance of winning the bid at less than market value, or being able to afford a larger, nicer home than they could normally afford through the traditional housing market. Most home auctions result after the lender forecloses on the property. Sometimes auctions are run for the owner as a creative means of selling his home in a sluggish market. Heirs sometimes sell houses at auctions to settle estates.
The traditional channels of searching real estate listings and working with real estate agents aren't the only way to acquire a property . Experienced real estate investors often purchase properties at auctions. But auctions aren't limited to professionals — novices have purchased their homes at auctions, too.
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