Auction.com - What does a first time buyer of the site need to know??

[Westin Hudnall]

title says it all (Plan on bidding on 2 properties next week). Thanks in advance for the advice :)

[John D.]

It would be very helpful to see a link to an auction with identical terms.

Most of these auctions have no inspection contingency, so you could run into some extremely expensive problems.  Make sure you've got the cash on hand (and the stomach) for some expensive complications.  Or figure out a way to sneak in an inspection immediately after the auction closes for the expensive stuff.

Also typically you are not guaranteed free and clear title, so make sure your title company checks the day prior to close, to make sure you don't wind up with an expensive lien you've inherited along with your property.

There is typically no reliable way to see the sellers minimum.

You will be able to see other bidders, but in some cases the seller may be bidding against you to drive the price towards the minimum!

In most of these auctions, you are paying an extra buyer premium on top of your bid (5% in some cases).