As more and more of my buyer clients look to get a great deal on their Ann Arbor Real Estate purchase, many are asking me about the pros and cons of real estate auctions. My answer is ” As with anything, there are advantages and disadvantages to going the auction route.” For anyone that has attended a real estate auction, the atmosphere can be intoxicating. It’s loud and fast paced, with real estate bidders, auctioneers and gawkers making for an almost circus like setting, turning a bidder into a home-buyer in minutes.
As the real estate market continues to struggle the interest in auctions, by property sellers and buyers looking for a great deal, will only increase. So, if you’re an Ann Arbor Home Buyer or an investor in Ann Arbor Homes or condominiums in Ann Arbor, you have a better than average chance of finding yourself at a real estate auction in the near future.
So, here are a few tips help you get a great deal on a Ann Arbor Home:
Go to an auction as an observer first. Get a feel for the sometimes frenetic process.
READ the auction’s terms and conditions and the contract. Also, seriously consider showing the contract to a real estate attorney before the actual auction. Many auction companies post these docs on the their website.
Inspect the property before the auction if possible, but remember you’re buying the property “AS IS“.
Research the neighborhood and comparable sales, so you don’t over-pay for the property.
Bring everything you’re required by the auction company if you’re planning on making a bid. Many auctions require a certified deposit check, proof of liquid funds, a Pre-Approval Letter and identification. Check the website of the company for a detailed list of their requirements.
So, there you go. If you’re considering purchasing an Ann Arbor Home or Ann Arbor Condominium, please consider all of the pros and cons. Many buyers get a great deal at these auctions, but not everyone makes out that well. Just remember this, as with any major purchase… It’s Always Buyer Beware.
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