5 Things You Should Know About Buying a Home at Auction in Illinois

Making the dream of homeownership come true is becoming more expensive every day. Buyers must consider all available options to save money, including buying a home at auction in Illinois. Before proceeding, it is highly advisable to learn about the time, costs, and process involved in a successful bid. Beginners in the world of auctions should consider consulting with a professional investor, trusted family member, or friend with a great deal of experience in auctions.

Read on as we explore five things you should know about buying a home at auction in Illinois and why buying from Heartland Funding is a better choice.

No Inspection

One of the things you should know about buying a home at auction in Illinois is that nearly all are for the property as-is, meaning there is no inspection permitted before your bid. You should also remember that what may seem like a bargain on paper often leads down the path of financial ruin when the new owners discover the need for significant repairs that lead to unexpected expenses. However, you can rest assured you are making a sound investment when you make the better choice of buying a home from Heartland Funding.

No Assurance

There’s no assurance that the title will be clear, which is a crucial thing you should know about buying a home at auction in Illinois. You could be financially responsible for any existing lien or back taxes on the property. Buying directly from Heartland Funding is a better choice; you can rest easy knowing the title is free and clear.

Bring Cash

You will need 5-15% of the price towards your earnest money deposit, which you must pay within 24 hours with a cashier’s check to buy a home at auction in Illinois. While some auctions allow for time to acquire a mortgage, you should ensure your ducks are in a row before bidding. Buying from Heartland Funding is a better choice because we offer homes in every price range.

Emotional Escalation

Emotionally charged bids happen frequently, so another thing you should know about buying a home at auction in Illinois is to go into the auction with a maximum bid limit and stick to it. When you buy directly from Heartland Funding is a better choice because you can be sure you will always pay a fair price when you purchase your new home from Heartland Funding.

Proof of Funds

After the sale, an important thing you should know about buying a home at auction in Illinois is that you’ll need to provide proof of the funds or documentation of your financing. Again, buying from Heartland Funding is a better choice because our professional investors can help you explore all types of financing options for which you may qualify.

If you would like to learn more about the things you should know about buying a home at auction in Illinois and why buying from Heartland Funding is a better choice, reach out to us today for a no-obligation consultation. Don’t forget to ask about our current inventory of the best homes available in Illinois. If your dream home isn’t on our list, why not let Heartland Funding help you find a home, negotiate for a fair price, and save time and money?