Top tips for property investors buying at US homes auctions

US Foreclosed homes sale by auction
Photo credit: Kevglobal
Property investors looking to grab a bargain at American real estate auctions should “get prepared” if they want to take full advantage, experts have said.

With more foreclosed homes on the market, auctions are becoming more common, said the Move Channel.

Examples of recent and upcoming sales include a 20-lot event at Sevier County, Tennessee, on November 22, plus one across the Atlantic in Northampton, England, held yesterday and including 38 lots.

The Move Channel said potential buyers should attend at least one auction before purchasing a property, if they have not done so already.

Dan Johnson, managing director of the company, said: “One of the best feelings you can have is when the gavel goes down and you have bought a property at auction. The feeling of getting into a bidding war and winning is euphoric.

“Knowing that you have just obtained a property and that it is a legally binding deal is extremely satisfying, especially if you managed to end up with a bargain.”

The firm’s tips for buyers include getting hold of auction catalogues and viewing all potential properties carefully.

Purchasers should also research each home and compare its price and condition with properties being sold by local estate agents, the Move Channel said.

Any legal pack available for a property should be shown to a solicitor and buyers should be prepared to stump up a deposit quickly followed by the rest of the cash or a mortgage, the company adds.

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