Property auctions can be a way for you to snag a good property for a cheap price. While most people tend to go through the “traditional process” of home shopping, from hiring a real estate agent, to attending open houses, and negotiating with a seller—some people prefer to hit property auctions for a chance at seeing different houses and saving some cash.
There can be some stereotypes regarding housing auctions, though. So, it should be clear that houses can be put up for auction for any number of reasons. A house could be auctioned if it has been foreclosed on, which is the most often assumption. It could have also been repossessed by the bank (which will sell it in order to recover the money it originally lent). Or, the original homeowner is selling without using a typical selling process! Maybe they want to get it off their hands sooner, or are selling an inherited property.
Newspaper ads, signage in front of homes, or online auction finder sites (Facebook, too!) are great places to start digging into where you can find homes up on the auction block.
You may be able to bid to buy online through a bidding platform if the auction is online, or you may be able to bid old-school, and go to the property itself and place live bids. If you’re bidding online only, be sure to try and scope out the property beforehand. Pictures online may not do it justice! Consider a drive by or going to a preview, so you can head into the auction prepared with a solid bid in mind.
From there, it’s all up to you, to place your bid and make your move on your potential new home. Happy hunting!