- Many home buyers think that real estate auctions are the best way to get a good deal on a home. While there are certainly deals to be had, auctions also can be dangerous for buyers.
- Buyers planning to attend an auction are advised to do their homework and know what the property is worth, especially since auctions generally do not offer appraisal contingencies.
- Buyers should know what repairs are needed and what it will cost to make the home livable.
- Setting and sticking to a maximum price and not forgetting to include the buyer’s premium is critical.
- Most importantly, maintain control. Many auctions turn into feeding frenzies. The excitement of the moment leads to bidders getting carried away.