Auction.com Property Listing

[John Nisewonger]

Hello all

I currently own 3 homes (2 buy and hold and 1 is my residence). So my wife and I are planning on purchasing yet another property and have stumbled across auction.com.  Was wondering if anyone here had any success with deals on here and also had some questions on how you close on a cash only property as I have never done that before

My wife and I just bought a house Oct 2015 through a local auction and we ended up with a great deal. Bought for $104,500, appraised at $140,000 when we were closing and now that the work is done bank is saying its worth $175kish (I think $165kish but still!) So we are taking out a HELOC to either use as down payment, repairs or a cash only house.

Here is a standard listing in my area

https://www.auction.com/details/2839-shady-hill-lane-petersburg-va-23803-2115341-o_796

My main concerns are the types of deeds they supply you with.  Should I get a local real estate attorney involved in my deals from the get go?  Should I get a real estate agent to act as a buyers agent to help me along? Should I just hire a title search company myself? What should be my main concerns with these auction.com properties?

Transaction Details:

• Buyer will not be charged a Buyer's Premium for this property.
• If you are the Winning Bidder, an Earnest Money Deposit of 5% of the total purchase price or $2,500 (whichever is greater) is required.
• Buyer may receive a Special Warranty Deed or equivalent if Buyer is able to purchase title insurance without delaying the closing (title fees typically cost between $500 and $1500 and are based on the purchase price of the property). If buyer does not purchase title insurance, buyer will receive a Quitclaim Deed or equivalent, with no express or implied warranties of title.
• Buyer is responsible for all escrow fees typically ranging from $850 to $1,375.
• While this property is reported to be vacant, buyer is responsible for obtaining possession.
• Any delinquent HOA/COA assessments shall be paid in accordance with the applicable Purchase Sale Agreement.
• Property is being offered as is, where is.
• This property is being offered exclusively through Auction.com before it will be available to the broader market. Please be aware that in rare instances, issues arise that may require the seller to cancel the transaction due to this early availability
• Until the seller's reserve price is met, Auction.com may counter bid on behalf of the seller. Counter bidding gives buyers and sellers more flexibility to find a mutually agreeable price. Counter bids do not occur after the seller's reserve price is met.