Online auction question

[Itteahad Zihan]

Have anyone ever bought a house form Auction.com? Please share your experience and knowledge about from it! Specifically how to the payment works?

[Alden Cleveland]

@Itteahad Zihan - I've been looking at this as well (just to learn). Went to inspect one yesterday in fact, as it was Unoccupied and the Realtor could grant me access...many you can not get into so it's buyer beware. There may also be a "Buyers Premium" associated with the auction - generally another 5% that you have to pay based upon your Winning Bid...so again, if your margin is thin, be aware. These properties ‘may' have liens, judgements, HOA dues, etc. attached so make sure you have a Title Company perform your search for clean title. This auction was a SFR with an ARV of approx $165,000 and the ‘home run' number was probably around $115,000. In the last 30 minutes, it was bid all the way to $155,000 (and add another 5% for Buyers Premium) so this property was not likely an investor, but someone who wanted a small discount on a home for them. I will likely find a Wholesaler in my market who is in the business of ‘finding deals'; it's worth it to me to give them a % as this took all day & I have a full time job! Just some thoughts - hope the input helps.