Difference between revisions of "Buy a House at Auction"
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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. | 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. | ||
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== Steps == | == Steps == | ||
# Contact a lawyer that specializes in real estate transactions for advice and assistance if you are considering buying a house at auction. | # Contact a lawyer that specializes in real estate transactions for advice and assistance if you are considering buying a house at auction. | ||
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# Decide what your maximum bid price is and stick to it. Do not allow yourself to get caught up in the bidding and go over the price you decided you are willing to pay. | # Decide what your maximum bid price is and stick to it. Do not allow yourself to get caught up in the bidding and go over the price you decided you are willing to pay. | ||
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== Tips == | == Tips == | ||
