Buy Your House At An Auction and Gain Instant Equity!
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Auctions can be a good thing for some property buyers if they can find a great property and lock in a good deal on it. I recently went to the auction to bid on a house located on a gorgeous property, overlooking a golf course, a baseball diamond and sitting in the heart of one of the most desired communities of Reston. Unfortunately I had not realized the amazing – and virtually instant – equity-building opportunity of this property until it was too late.
Fast-forward to today and the home will be listed on the market for $50,000 more than it was priced at the auction! That is an instant return on investment!
Low-Priced Auction Homes Offer Excellent Opportunity for Retail Buyers
Though a property like this one might not suit a typical investor it is ideal for retail buyers. In the example on my video, the home was not bid on by anyone at the price of $505,000 so the bank took it back and has planned to list the property on the market at a fair market value price of $550,000. Given its location, amenities and architectural features especially on the interior – chances are very high that there will be multiple offers on the home. Although not enough money for the investor a retail buyer would have locked in 50K of equity instantly.
If you would like to purchase a home in this way, getting the chance to lock in an amazing low price on a home, contact me today. Though buying at an auction can be a good thing – there are also some things you need to be wary of and you will benefit from the professional guidance of a real estate agent. I look forward to hearing from you soon!
TIPS ON AUCTION HOME BUYING
Since most auction sales are done on an “as-is” basis, it is important to have full access to the home before making a decision to purchase. However it may not be possible to access the property before the auction, so extreme due diligence is needed.
Make sure to perform a title search prior to bidding at the auction. For additional tips please contact us.