Posted on: 25th Feb, 2010 08:38 pm
How do you know if a property is a good buy at a public auction?
at least in my neck of the woods (connecticut), a prospective buyer is allowed to view a property prior to the bidding when there's an auction. that would give someone with a good eye the opportunity to check all things out and back off if necessary. generally, the auctions are run as a caveat emptor, however - buyer beware. if you can't complete the transaction in that sort of deal, then you'd lose your deposit.
of course, with a property that might need work, there's always the potential that you could obtain a 203K (rehab) loan to do the work that's necessary. that would take some coordinating, and you wouldn't really be able to determine it all prior to your first opportunity to inspect the home, which could be moments prior to the auction - maybe you could take your lender with you to the auction.
of course, with a property that might need work, there's always the potential that you could obtain a 203K (rehab) loan to do the work that's necessary. that would take some coordinating, and you wouldn't really be able to determine it all prior to your first opportunity to inspect the home, which could be moments prior to the auction - maybe you could take your lender with you to the auction.
great info..thanks
