are a serious, prequalified bidder, so leave time to complete that process well before the house you’re eyeing comes up for bid. Of course, this increased accessibility means that there will be more bidders, so be prepared to face steeper competition. What Are The Advantages Of Buying A House At Auction? There have been countless books written and real estate workshops offered that extol the virtues of buying properties through the auction process, because it is possible to get a tremendous bargain. Why? Because in the auction process, the lender is looking to cut their losses by recouping the balance due on the mortgage and their costs to foreclose. At auction, lenders are not interested in enriching the seller. The same is true for municipalities with a tax lien in place. Their interest is in coming as close as possible to having the tax bill paid and their costs recouped. What Are The Disadvantages Of Buying A House At Auction? There are several reasons why buying a house at auction is usually in the real estate investor’s wheelhouse and is an atypical way of buying a home to live in yourself. The reason the house is a bargain is because the buyer is taking on a lot of risk. Houses Are Sold As Is Homes at auction are sold as-is. That’s not so unusual, as many government-held foreclosures are sold in the same way. However, in most cases, it is highly unlikely that you will be able to even get inside a home sold at auction, let alone get a home inspection. It’s possible that the house is still home to the defaulting homeowners, tenants, or squatters have taken up residence there. In this case, “as-is” is closer to “sight unseen.”
You can drive by a house, but trespassing on the property, much
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