Buying at auction

[Account Closed]

Have any of yall bought land or a home at a auction? We were thinking of doing that so we can stretch our money. Any tips or advice? How do I find the auctions in my area?

[Kirsten Sitnick]

Hi @Account Closed ! I am an auction associate at an auction company in Baltimore, so I'm super familiar with auctions where the seller is a private seller. Foreclosure auctions are a whole different animal, so I'll let someone else chime in about those. If you look in the real estate section of your local newspaper, you'll probably see some ads for auctions. Go to those companies' websites and get added to their email list.

Just because a property is sold at auction does not mean it's always a great deal, some are, some aren't. Know your comps and repair costs.

Things to ask (or find out from the ad for that property):

• Is there a buyer's premium, and how much?

• Are you guaranteed free and clear title?

• What deposits must you pay and when are they due?

You'll may be able to find out some information talking to the person running the auction if it's a private seller.

My favorite question that people ask me: What else should I be asking you?

Good luck!

--Kirsten