Love, Joleen: FAQ When Attending An Auction

Tuesday, May 15, 2018

FAQ When Attending An Auction

Disclaimer: This guest post is sponsored by Peachtree and Bennett.

Image: Peachtree and Bennett

So you’ve come to the idea that you want to purchase a home but buying real estate as an investment can be intense. Real estate auctions are growing extremely popular. Experienced investors often buy property but technology has really simplified the process and made it less intimidating to new investors like yourself, as long as your comfortable and have done your research.

Any type of property can be sold at an auction, mostly home auctions, and the type you’ve probably heard about the most are foreclosures. Depending on your state, a trustee assignment by the lender or an officer of the court conducts a foreclosure sale to recover the balance of a loan from a borrow who’s defaulted on their mortgage payments. There are two types of real estate auctions: a live in person one and online. The latter is becoming more and more prevalent as people row more comfortable with making their major purchases online. Despite what route you choose, remember that purchasing real estate can be complicated.

Image: Peachtree and Bennett

When you buy a foreclosure at a live auction it can be a small group of people. Many states only require a publicly accessible space, like a hotel ballrooms or room in a convention center. In some of these larger venues, there can be hundred of foreclosure properties might be auctioned on a single day. Live auctions are free to attend and open to the public to ensure that a home being foreclosed upon receives the highest possible recovery for a bank or lender. If you want to bid, you need to register. Make sure you find a foreclosure auction with resources to help you make the best bid you can. Be sure you understand all your due diligence documents and transactions prior to the auction.

Drive by the property if you can. You’ll be able to see the home’s condition from the outside. The home in the foreclosure process are usually occupied by the owner. Please don’t trespass or disturb the occupant. Reminder that you are bidding the foreclosure you’re bidding on the property as is. You won’t know what the condition you’ll find inside until you take possession of the home. In other words, an unkempt exterior indicates an unkempt interior, while a home with great curb appeal will probably look similar inside!

One company to look at when you’re attending an auction is in the Atlanta area. The company is called Peachtree and Bennett. They are recognized estate liquidators in the Atlanta area and a cornerstone auction house in Atlanta antiques and estate appraisal services. Their personalities are seen in their teams integrity and natural generosity for all that come into contact with them. Peachtree and Bennett’s unparalleled customer service, our diverse sales venues, and their innovative marketing have established us as their premier auction house in Atlanta. They also offer an unforgettable auction experience through various services that are designed to meet their clients needs.  You can find out more information on their Twitter, Facebook or Instagram.

When you buy real estate at auction can be a super fun way to start or enhance your investing career. It can also mean years of heartache for the uniformed so take advantage of all the resources available to make sure you know what you are getting yourself and your family into. You could potentially find your forever home once you're able to get it fixed up and the way you and your family envision. Buying a home through an auction could be a huge thrill as long as you have done your homework and are ready to take on huge projects. So, will you attend an auction sometime soon? Will you sell your home through an online or in person auction?

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