Has anyone had luck using auction houses to buy deals?

[Gabriel Ehrlich]

Hey BP!

I am a part-time Real Estate Investor out of Baltimore. I was just curious if any of you had  luck using auction houses such as Alex Cooper or Hudson and Marshall to find your deals. I've always wanted to attend an auction but they seem to be scheduled during the week at an obscure time where I wouldn't be able to easily leave the office. I would be more motivated to attend if there are other investors on here doing it successfully.

For those of you using auction companies, do you have any tips and tricks for a first time bidder?

[John Woodrich]

I have purchased through Hudson and Marshall.  Was a live auction in a ballroom, believe it was on the weekend.  When purchasing these there are usually limited times for viewing and as mentioned, a buyers premium.  In my instance I purchased a house sight unseen but I knew the area well.  Worked out very good on our end.  We expected a lot of work to find out it had new carpet, paint, and 2 new appliances.

There were several houses in the action I was interested in but they went a little higher than I wanted to pay for being sight unseen.  Set your prices before you go there, don't let your nerves and the excitement change you from your price.  That being said I paid $5k over my predetermined "max price" :)