House Auctions
Published On: June 14, 2010
Auctions are a great way to buy a range of items but buyers should be careful when considering bidding on a home being sold at auction.
- Remember that the auctioneer works for the SELLER and intends to get the best terms and price for their client, the auctioneer does not represent the buyer in any way.
- Bidding is public, often competitive and quickly concluded - not the best environment for a buyer to consider options or consult with others.
- You win the bid; you bought the property - no second thoughts, no back-and-forth negotiations, no inspections.
- Property usually sold AS-IS and repairs or inspections are up the buyer to fund AFTER the auction.
- The buyer is on their own without benefit of a real estate professional to assist them.
Buying a home is often the largest single purchase a person makes in their lifetime. Rushing to buy at an auctioneer’s pace may not be the best way to get the best deal.
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