Real Estate auctions. They are making their rounds with the REO properties which are entering the housing market.
As part of the radio show today, I remembered working the Secret Service Auctions and watching as people severely “overbid” for various items.
At the end of the day – this is the purpose of the auctions – to get the most money possible for whatever they are selling.
Real Estate auctions are no different. The traditional “on the courthouse ones” are cash only deals. You are unable to finance those homes, at least directly.
Bringing a cashier’s check in the amount of your maximum bid is your price of admission. However, you need to realize that you must perform some due diligence with regard to the property you are going to be bidding on.
We explain more of that in our Consultation Meeting.
First – meet with your professional realtor and have them explain the process within the online auction channels.
Check out the website yourself and see if it maybe something that will be able to work out.
Find out how your agent is going to get paid. Is it going to be part of your offering amount? Or, do you have to pony up to have them represent you? Maybe you can do it alone if the second case is fact – just be careful…
Real Estate auctions within the online platforms show “highest bid” amounts, current bid status and other “teasers” that may get a person to go higher than the property is worth.
They have been built around the “auction theory”, and the prospect of overbidding. Of course, the auctioneer is silent. However, they have their own ways on how they entice you to bid your heart out!
Be careful when entering the online Santa Clarita and surrounding areas auction. Reach out to me directly so I may be of service and explain the auction process for Santa Clarita real estate in further detail. I’ll be here for you.