Do you want to save money buying a home? Home auctions are a great option! Read here to learn how to find the best home auctions for your needs.
With the rising rates of home prices, any opportunity to save money could be a welcome opportunity for first-time buyers or investors. If you’ve never considered buying at home auctions, you’re skipping over a great opportunity to save 25 percent on the price of a property.
Most homes available at auctions are foreclosed houses whose value was simply beyond the means of the previous owner. These properties are typically in good, livable condition, and up to date on repairs and utilities.
Instead of struggling to invest in a home if you’re on a limited budget or have a troubled credit history, consider buying from an auction. To find the best local auctions in your area, follow these five tips.
1. Check the Paper
If you get a local paper delivered to your door, check out the classified sections. Or look at the websites of your local papers. Most papers have moved their classified sections online, with embedded links that make them easier to navigate.
If you see a particular auction company listed, navigate over to their website and see what they’ve got listed.
Better yet, call up the auction companies and see what they’re currently offering. They’ll likely be happy to let you know their full calendar of upcoming events.
2. Look at Government Sites
See what municipal, state, or federal resources are available. Since the US Treasury can foreclose on a homeowner who fails to pay their taxes, they run their own auctions. To find their schedule, check out their website.
The Department of Agriculture and FDIC also have the power to seize property when owners owe money to them. If they acquire a foreclosure, they’ll list auctions on their websites.
Fannie Mae is another agency that, through federal programs, will auction off sites. If they aren’t authorized to sell it on their own, they will go through a third-party. You can follow their auctions on the HomePath website.
3. Check Auction Websites
Most auction sites will list homes as they’re acquired. All of the major auction sites have a section dedicated to foreclosed homes.
You can even find listings on eBay.
Before you buy anything from these sites, you read the fine print. If possible, get a friend who knows the ins and outs of real estate to help you know what to look for.
4. Check Online Home Listing Sites
Some of the biggest home listing sites also tell users when they can find auctions. A few of these sites will charge for access to information about auctions.
Check out Zillow, RedFin, HomeFinder.com, or any sites that have worked for you in the past. See what they have to offer as far as auction listings. Try to find out if you can get a free trial before committing to a purchase.
5. Talk to Brokers
If you’ve worked with a broker or an agent in the past, they can help you find out where the best auctions are.
They’re in the industry every day, so they know which auctions will be worth your time and which might not be.
Home Auctions Can Save Serious Money
Whether you’re looking to invest money in real estate or buying your first family home, home auctions can ensure you get something in your budget.
If you can get free admission to one or two, go without the intention to buy. This way, you can see what they are like.
Ready to start exploring the home auction world? Contact us today to get started!