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Download The Money Dominating ToolkitTM and join a community of 20,000 who are building wealth on their terms. Prior to attending an auction, potential buyers should try to find out as much as possible about specific properties they are interested in. A property is put up for sale through an auction format for any number of reasons – a foreclosure action, a tax deed application, a court-ordered sale, provisions in a contract, a divorce resolution, a provision to satisfy the needs of an estate, a dissolution of a partnership or trust or because the owner chooses the auction as a means to quickly dispose of the property.
An absolute auction is an auction in which the property is sold to the highest bidder, regardless of how low that bid might be. A reserve auction also referred to as a minimum bid auction, sets a pre-determined minimum bid amount prior to the start of the auction.
A subject to owner withdrawal auction allows the seller to bid on the property for himself or herself or to withdraw the property from the auction outright if he or she does not like the amount of money bid. In the case of a foreclosure or other court-ordered sale, state laws generally establish a period of time over which the property must be advertised prior to the sale. There will always be a degree of risk when buying a home at an auction, but with a little due diligence, potential homebuyers could save a lot of money buying in this manner.
Excerpted, in part, from The Real Estate Investor’s Answer Book by Jack Cummings, a McGraw-Hill publication. Jeff, MY wife and I are thinking of buying a home via Auction but are very scared it could turn out to be a big mistake becasue were worried about properties that may have filed for Bankrupcy or court order sales, etc.. Get free access to our Money Dominating Tool Kit, and 2 chapters of my best selling book, Soldier of Finance. With the UK economy as it is, countrywide property auctions are becoming a popular attraction for buy to let landlords and homebuyers alike.
If you decide to attend countrywide property auctions rather than stay local you will dramatically increase the number of properties you have access to.

Scouring countrywide property auctions though will provide you with a constant supply of suitable properties, and you’ll often be amazed at the cheapness of auction properties in certain areas around the UK. Obviously, buying from a countrywide property auction will often mean your new property is a bit too far away to visit every time your tenants need a problem sorting. The question remains though is it financially viable to employ someone to manage your countrywide properties…and the answer is almost definitely yes. The key is to know how the auction process works and to take advantage of a bargain if it fits your plans. While most real estate auctions allow prospective buyers some inspection rights, direct contact with the administrator of the auction is frequently needed to arrange personal inspections. Attempt to discern the current market value of the property by looking at sales of comparable properties in the same area.
This type of real estate auction typically attracts the most bidders since the public knows that the property has to sell. The number of properties sold at auctions around the UK has virtually doubled over the last few years and it isn’t a secret that there are some great bargains to be had.But is it worth visiting countrywide property auctions in a bid to find the bargain of a lifetime? Staying local does mean you can manage your properties yourself but it could be several months or more before a suitable buy to let property investment comes to auction…and then there is no guarantee you’ll win it. A property that costs ?150,000 in your local area might only cost ?120,000 elsewhere, but the achievable rental income might be very similar.
You will therefore benefit from the services of either a letting agent or a property management company.
Even if you choose not to buy at the present time you can still compare auction prices around the country and use your knowledge in the future; maybe when you want to expand your property empire around the UK!
Following are some of the more common real estate auction formats and bidding procedures used today.

Some web sites can take you only so far, the rest is up to you to do the leg work and research it yourself by going to the clerk of the court for that city, public records, city court house to see if any junctions or cial suites been filed and property liens from creditors. Is it feasible to buy a property many miles away from where you live and still be a good landlord? If there is work to be done to the property before it can be rented out then a property management company is advisable as they will liaise with builders, decorators etc. Arriving at an auction well prepared will help you determine your bid price and even help you decide whether to bid on a specific property at all.
The other main reason for such announcement of the auction is to give all interested parties sufficient time to react to protect their interests. And is it viable, financially, to pay a property management company to look after your distant properties? However, even with advance notice and advertising, it is rare for an auction to draw many prospective buyers.
It’s a good idea to go to a few as a spectator, so you get used to the speed of the bidding and terminology used. Do’nt by at AUCTIONS go with REO Forclosures, this way you now the Bank di there homework and you have someone to fall back on.

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