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Real estate auction action - Buying a home at auction
Author: Jakob Jelling
Due in part to the popularity of the U. S. Department of Housing and Urban Development (HUD)'s home auction program, more potential homebuyers than ever are buying homes at auction. Homes for auction aren't limited to just HUD, however. Many government entities auction homes for payment of back taxes, and some homeowners even auction their homes on eBay.com!

Homebuyers considering buying a home at auction should take some steps in advance to help them with their bid price, and even whether to bid at all on a specific home. There will always be a degree of risk when buying a home this way, but with a little diligence, potential homebuyers could save a lot of money buying in this manner.

Before the auction, you should have your financing arranged, and have enough cash on hand or in your bank account to cover a deposit on your purchase. You need to check the features, location, condition, and ownership history first. Afterwards, be sure to learn what the property is worth by looking at sales of comparable properties in the same area. Compare homes with the same number of rooms is possible, but be sure to allow for price differences due to pools, decks, carpeting, window treatments, etc.

At the auction itself, resist the temptation to get into a personal bidding war, just "to beat out the other guy". Have a set price limit and stick to it. Other houses will come along, and you don't have to win the first auction that comes your way.

You should know that the price of a home at auction is typically the loan balance (if foreclosed), plus any back taxes owed, plus legal fees and other expenses in foreclosing the property. This will typically be the opening bid amount, and the price will go up from there. Even so, it's possible to get a great deal in an auctioned house, with a little research and planning first.

Also, know that you probably won't be able to get an inspection, and are buying the home "as is". If you can't do any needed repair work yourself, or can't hire it done within your budget, you may not end up getting such a bargain in the end.

About the Author

Jakob Jelling is the founder of http://www.cashbazar.com. Visit his website for the latest on personal finance, debt elimination, budgeting, credit cards and real estate.

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More sites that feature government surplus x-ray

1. auction equipment medical
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2. sport utility vehicles
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3. Models
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4. Gilder Technology Report
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5. EPR2 Project--Electronic Equipment Recyclers
... FL 33716 Phone: (813) 573-0900 x 1948 Fax: (813) 571-2028 E-mail ... suppliers, resellers, government accounts and more ... and recycling services for all surplus and obsolete electronic ...
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... of Spiritual Machines. Ray Kurzwell The Art & ... option on technology, pl-x uses standard financial ... American Science & Surplus. Lots of wierd things ... tools. Back to top Government Agencies Center for ...

8. Catholics Against Capital Punishment
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9. You Say You Want a Velvet Revolution
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10. ginzton_memoir.html
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11. Bush Polls | Democrats.com
... Randi Rhodes Raw Story Ray Beckerman Russ Baker ... on the hideous government being run by George ... a massive budget surplus, six million more ... Swanson EnderW Kagro X Ted Kahl Poll ...
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12. Department of Education Flexiplace Program
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15.
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16. UW Friday Harbor Laboratories Historical Timeline
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17. CalorieLab Calorie Counter News » 2005 » October
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18. Pumps - Pumps and Pump Supplies Directory - Refurbished Vacuum Pump
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19. Pakistani Scientists
... an expert in nuclear fuels, according to the U.S. government. He published extensively in the 1980s and 1990s on nuclear detectors and the use of x-ray diffraction, fluorescence, and crystallography ...
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20. Business and Economy
... HR Total Quality Corporation - X-ray inspection of food products ... distribution of new, used, and surplus steel pipe from 2" to 96" O.D ... Order, Equipment, Term, Loan Government Oral Presentations ...
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21. Houston Yellow Pages - Add Your Listing
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22. BEYOND BEEF
... protein ladder in order to provide a marhet for surplus American grain. At the same time, developing ... ... often exceed the price of feed set by the government. Small scale ranchers are also exploited by ...
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26. Ch. 10: Fallout Radiation Meters - Nuclear War Survival Skills
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27. Fresno Purchasing Department Bid Opportunities
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28. Survival Preparedness - American Survival Guide ☼
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29. Majikthise : Economics
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30. Triniman's Blog
... fabricated starting on 01 February 1991, using surplus 8-inch artillery tubes. The official go-ahead ... ... unprecedented short period of time. A team of government and industry people came together sharing ...
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31. News, the Universe, and Everything
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32. BBB-Online
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33. New Hampshire Books
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34. The Reconstructed History of Quarter Shrinking
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35. Anxious America – Part I
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36. Space Quotes to Ponder
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38. Government Auctions Federal Surplus Directory
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40. PADS Online
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41. Delta X-Ray / Quality Amateur Radio Antennas / Ham Radio Links
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42. Welcome To Kimball Sterling, Inc. - Auctioneer and Appraiser - Outsider, Fin...
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43. Car auction sites Copyright 2004 # 1 Radio Remote Control free car auction s...
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44. SurvivalBlog.com
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45. ElectronicsWeekly.com - Dr RoHS answers your questions
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47. Nexus
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48. Lawrenceville Plasma Physics
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49. WJ's Infrared & Photography Homepage
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