People who are looking to buy a home to live in or an investment property often check the foreclosures. These homes are sold at lower prices so that the bank can get them off their hands. Many foreclosed homes are sold at auction. If an individual is planning to buy a home through Property Auctions in Edmond Oklahoma, there are a few things that they should know.
Find Property Auctions
There are a couple of places that a person can go to find properties that are being auctioned. First, there are sites like Auction.com and RealtyTrac. These sites will give the individual a listing of the property auctions in the area that they are looking to buy. They can also contact a real estate in the area where they are looking to buy to get this information.
Research the Property Thoroughly
Before the day of the auction, the individual should do some research on the property. They should start by finding the estimated market value of the home. They should also find out how much the former homeowner owes on the mortgage. Finally, and most importantly, the individual should find out if there are any liens against the property. If there are, the winning bidder would be responsible to pay off the liens.
Drive By the Home
Before the auction, the individual should drive by the property that they are interested in. This will let them see the condition of the outside of the home. When people bid on the home, they are bidding on the home as-is. This means that there are no inspections before the auction. In most cases, the bidders won’t even be able to see the condition of the inside of the home. Seeing the outside of the home can give the individual an idea of how well cared for the inside of the home might be.
Get the Financing in Order
Most property auctions accept cash, cashier’s checks, and money orders for payment. Most states require payment immediately after the auction. There are some states that allow the buyer to pay a deposit at the auction and the rest in a decided upon time frame. The individual should make sure that they have their payment ready before the auction begins.
Buying a home at Property Auctions in Edmond Oklahoma is a great way to get a home for a good price. For more information, contact Wiggins Auctioneers LLC. You can also visit them on Google My Business.