Buying foreclosure auction properties online can save you time, effort and money, but you need to make extra research to protect your investment.
When you buy a property from an online foreclosure auction, the auctioneer gives you time to research the properties, including time to physically inspect the properties, although all these activities have schedules and time frames.
In a foreclosure auction conducted in a building where bidders are physically present, participants are also given time to inspect the properties, although in most cases, properties auctioned off by courts can only be inspected from outside.
Both online and conventional foreclosure auctions sell properties on an as-is basis. Some auctioneers also ask buyers to sign waivers of the ten-day post-auction inspection period described under Title X, which gives winning bidders the right to inspect the house for lead-based paint.
In most cases, companies holding both types of foreclosure auctions also provide information on the foreclosure properties to be auctioned off on their web sites. But companies holding purely online foreclosure auctions provide more detailed information and more photographs as they are targeting buyers that rely mostly on information available online. Prospective buyers can look at a lot of properties online before choosing certain properties that they like to inspect physically.
What sets the two ways of buying foreclosure auction properties apart is the bidding environment. When bidding online, you are in the privacy of your home or your office, allowing you to focus on your notes and on the process of bidding without the grumblings, mutterings and tension common in a conventional auction.
In a conventional auction, there is also the risk that you can get hyped up by the intensity of the bidding that you lose sight of the fact that you are already bidding more than the real value of the foreclosed property.
When considering bidding online, check the reputation of the auctioning company. Avoid participating in newly launched auction firms that have not shown concrete proofs of their intentions in the real estate sector.
Remember that you are giving your credit card number for verification and deposit purposes, so you should only trust companies that have been successful in the real estate auction business for a long time.
Additionally, read the Contract for Sale of Real Property and the Auction Terms and Conditions thoroughly before registering for online bidding. Reputable auction companies provide clear and detailed instructions on buying foreclosure auction properties online to protect not only themselves but also buyers.
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