Real Estate Investing Basics

real estate investing

Real Estate Investing Basics

Should You Buy A House at Auction?

Real estate investing has been on the rise, both for commercial and residential properties. Owning real estate diversifies your investment portfolio and provides long term benefits that you can continue to reap long after purchasing a property. Auctions are a great way for you to dip your toes into real estate investing without having to worry about shelling out tons of money for your first property. Regardless of your plans for your property, auctions are a fantastic way to invest in real estate.

Benefits of Residential Real Estate Investments

1. Stop Paying Rent

When you pay rent each month you are essentially throwing money away. That may sound harsh, but when you compare paying rent to paying off a mortgage it makes a lot of sense. If you choose to purchase a home in an auction, the money that you would be paying towards rent will be used to pay off your mortgage. You’re still spending money, but now you are paying off an asset that will belong to you – so it all evens out. Plus, after you pay off the mortgage that money can be invested in other areas of your finances!

2. Appreciation

If you are taking care of your home you are likely increasing it’s value. Every time that you make an upgrade you are adding value that will pay off when you go to sell the property. Changed the hardware in the kitchen? Repainted the exterior? Put in new carpet? All of these renovations add up and let you list a higher asking price. Your home will appreciate over time as long as you are performing proper maintenance.

3. Additional Income

Purchase a home at auction and then rent it out! Instead of paying rent, be the person who collects it! If you don’t plan on living in the property yourself, renting it out is an amazing way to make money. Your renters will essentially be paying for the mortgage each month, but you will own the property. Plus, 

real estate investing basics (1)

once everything is paid off (or if you charge higher rent that your monthly payment) you will have an additional income source. Bonus tip – purchase a duplex and live in one unit while the rent from your tenant pays for the mortgage. Then you aren’t paying for rent or a mortgage!

4. Fix & Flip

You have probably seen HGTV shows where a team of people purchases a less than stellar property, completes amazing renovations and then sells it for way more than they paid for the home. For many people this sounds like a great way to make some extra cash while developing their DIY skills. House flipping can be extremely profitable, especially when you pick up a property in a foreclosure auction.

Do all of those things sound good to you? Then it might be time to consider purchasing a house at auction! Like we said, purchasing a residential property at an auction is a great, low-risk way to start investing in real estate. When you start looking at auctions, there are a few things that you will want to do to make sure you are ready to jump into real estate investing.

Note As-Is/Subject to Approval Properties

When you are looking at properties make sure to understand any and all selling terms. One of the main differences between an auction and traditional real estate sale is that the property will likely be sold As-Is. This means that you will be sold the property exactly as it is. You won’t be able to negotiate any renovations from the seller, since most of the time banks and other third parties are in charge of selling the properties. Another term to look out for is Subject to Approval. In most foreclosure auctions financial institutions are looking to recover as much of their loss is possible, so they may have to approve the offered amount to make sure that it will be enough for them.

Inspect the Property

After sorting through all the information and pictures that you can find online 

real estate investing

for the property, look for inspection times and dates and then go check it out yourself in person! Assess any major repairs you will have to make and evaluate if the property suits your needs. If you’re planning on living there you will want to like your house! Try to think objectively and remember that this is a real estate investment.

Assess your Finances

Before you start bidding on a property, make sure you know what you can afford to pay. Sit down with your bank and get a preapproval for a loan if you don’t plan on paying for the property outright. Consider the interest rate that you would be paying and evaluate the costs of any repairs that might have to be made. Just because you can afford the base cost to bid doesn’t mean that you can afford to make all the repairs you want. We never want a buyer to have to foreclose themselves!

Residential real estate is truly an incredible investment and that can save you a lot of money and bring you additional income! If you have further questions about real estate investment, we would love to talk with you. Feel free to contact us here. If you are ready to start browsing for your next investment, click the button below to head over to our auction site!

What Does “Without Reserve” Mean for Real Estate Auctions?

absolute or without reserve

What Does “Without Reserve” Mean for Real Estate Auctions?

Know your auction terminology

Auctions are a fantastic way to buy and sell property. Sellers are able to avoid the hassle of a traditional real estate sale and know exactly when their property will sell. Buyers have the opportunity to look at a wide variety of properties, avoid the negotiation process, and can find great investment properties that fit their budget. Regardless if you are buying or selling, it’s important that you know all the auction lingo so that you are fully informed and can reap the greatest benefits from your auction experience. We are going to dive in specifically to cover two terms – “with reserve” and “absolute” auctions – so that you can make informed decisions before heading into your next auction.

With Reserve

If you come across an auction that is labeled as “with reserve” it means that the seller has set a minimum price at which they are willing to sell their property. This minimum is not disclosed to bidders interested in buying the property, nor is it the same as the starting bid. The reserve price is likely around the price of what the seller is looking to receive for their property. If the highest bid at the end of the auction does not reach the seller’s reserve, they can choose not to sell the property.

Absolute

The other type of real estate auction you are likely to find is a “without reserve” or “absolute” auction. Essentially this is the opposite of a “with reserve” auction. The seller has listed the property without a minimum price and will sell their property to the highest bidder no matter what once the auction closes.

Sellers

As a seller, you will have to determine if you want to list your property as “with reserve” or “absolute” when setting up your auction. Both have advantages depending on your specific circumstances. If you want to make sure that you receive a fair value for your property you might want to sell “with reserve.” This will bring you more serious buyers who have stake in the game and will

without reserve absolute

be more invested in winning your property. Additionally, if your reserve price isn’t reached, you have the option of still selling it to the highest bidder or selling your property in another way.

On the other hand, if you have been trying to sell a piece of property for a long time you may want to consider an “absolute” auction. You may have to make some compromises about what you plan on getting for the property, but absolute auctions are extremely attractive to buyers and you know that your property will be sold at the end of the auction.

Buyers

When heading into a real estate auction it’s important to understand how to win a property. “With reserve” auctions are great if you are seriously considering a property and are willing to put your money where your mouth is. Additionally, you will probably have fewer buyers competing with you for the real estate. “Without reserve” or “absolute” auctions tend to be buyer favorites, because you don’t have to play any guessing games. If you are the highest bidder when the auction ends you know you’ve won the property.

We hope this has cleared up the difference between “with reserve” and “without reserve” real estate auctions! You can always refer back to the infographic below for a quick reminder of the difference between the types of real estate auctions. If you have any further questions about other real estate auction terms or are looking to sell your property, feel free to contact us here. If you’re ready to start bidding on a property, click the button below to see what auctions we have coming up!

without reserve auction
types of real estate auctions infographic

How To Get The Most Out of Your Residential Real Estate Auction

residential real estate auction

How To Get The Most Out of Your Residential Real Estate Auction

Your Guide for a Successful Sale

Selling your home through a residential real estate auction is a great way to quickly sell your property without the hassle of a traditional real estate sale. Besides knowing exactly when the deal will close, you don’t have to worry about negotiating with multiple buyers or making specifically requested improvements in order to sell. While you technically don’t need to do anything to prepare for your real estate auction, there are several things that we recommend you do so that you can get the best sale possible.

1. Clean Your Home

First things first, you’re going to want to clean you home. We take tons of photos of every property we auction off, which our bidders rely on when deciding if they want to come inspect the house in person and bid on the home. If your home is messy and dirty when we come to photograph it, the mess will be captured in the photo and could impact the value of your home. A messy house could also indicate to bidders that there could be more problems that the photos won’t be able to show. Afterall, if the past owner didn’t take care of the visible parts of the home – what have they been neglecting to care for that can’t be seen? We recommend that you grab your vacuum, mop, and sponge and clean everything in your home top to bottom. Don’t forget about washing the windows and power washing the siding. Then we recommend you have your kids stay with their grandparent’s until we come out to take the photos.

real estate auction clean your house

2. Make Minor Improvements

While our homes are traditionally sold As-Is, it can’t hurt for you to make a few updates that could drastically increase the value of the bids you receive. Replace outdated fixtures and hardware, slap a fresh, neutral coat of paint over that bright green wall in the bonus room, and do some minor landscaping (if snow isn’t covering the ground). These small touches can make a huge difference in the appearance of your home, pushing the bidding price higher and higher between the potential bidders.

3.Decide Between Absolute or With Reserve

There are two main types of auctions you can choose between for your residential real estate auction. A ‘with reserve’ auction means that there is a minimum price that the seller wishes to receive for their property in the auction. The reserve is not the same thing as the starting bid, merely a statement that tells us the lowest amount a seller would accept. Reserves make sure that you receive at least the baseline value of your home, and signals to bidders that they will have to realistically value the property if they want to win the auction. If you decide to sell your property this way and the highest bid doesn’t meet the reserve, you have two options. First, you can decide to not sell your property at all. You can go ahead and try to sell it a different way, or simply continue to live in your home. Second, you can lower your reserve and sell to the highest bidder in order to make the sale.

You can also choose to sell your home in an absolute auction. Essentially

real estate auction absolute reserve

this just means that there is no minimum bid and the highest bid will win the property no matter what. This is a great option if you have been sitting on a piece of property for a long time and just want to get rid of it. While you may have to make some small compromises in the final sale price, selling absolute will often bring in a larger number of bidders and almost guarantees that your real estate will be sold by the end of the auction.

4. Work with A Real Estate Auction Company

Make sure that you work with a reputable real estate auction company to ensure that your auction goes off without a hitch! We are professionals that auction off tons of real estate every year, and we know the real estate auction industry like the back of our hand. When you work with a company like us you don’t have to worry about anything, we will do all the heavy lifting and let you sit back and see the bids flowing in.

These are just a few things that you can to do get the most out of your residential real estate auction. We know that you will do everything in your power to make your auction fantastic and bring in the highest bid. If you are interested in selling your home through one of our auctions, contact us here. We can’t wait to work with you!

Looking To Buy?

70 Acres of Development Land Up for Auction

developmental land for auction

70 Acres of Development Land Up for Auction

Fantastic investment property opportunity!

Have you been looking for a good land investment? If so, we have just the auction for you! On Tuesday, March 24th we will be auctioning off 70 acres of land in Washtenaw County, Michigan. This vacant land will be sold in three parcels that can be bid on individually, in any combination or in its entirety. Online bidding beings at 8am on our online auction site. This is future development land and would be a fantastic investment for anyone looking to get into real estate.

This land is open to inspection at any time, so feel free to visit it at any time. If you have further questions about the auction please contact Jordan Miedema. If you have questions about our company or our auction process contact us here.

Jordan Miedema
616-460-8936
Jordan@1800lastbid.com

Parcel A: 37 Acres

Parcel B: 21 Acres

Parcel C: 12 Acres

Parcel Details:

Parcel A – 36.83 Acre Future Development Site in Washtenaw County, MI ~ Online Real Estate Auction featuring approximately 36.83 acres of vacant land/ponds in Washtenaw County. Zoned RM-2, Multi Family, the property is mostly water but has peninsulas offering possible secluded building sites. This property is adjacent to Ford Lake Park and has frontage on Textile Rd. Don’t miss this nice investment opportunity.

Parcel B – 21.27 Acre Future Development Site in Washtenaw County, MI ~ Online Real Estate Auction featuring approximately 21.27 acres of vacant land/ponds in Washtenaw County. Zoned RM-2, Multi Family, this property is mostly water but has peninsulas offering possible secluded building sites.The property is adjacent to Ford Lake Park and has frontage on S Huron River Dr. This is a nice investment opportunity, don’t miss it.

Parcel C – 12.2 acre parcel in Washtenaw County, MI. Online Real Estate Auction featuring a piece of property is located at the end of a subdivision. This land would make a great development property in an area with similar subdivisions and residential properties. A gas line runs the length of the property

Again, please contact Jordan if you have any questions about this auction. Feel free to contact us here with any general questions about LASTBIDrealestate.com. We know that this developmental land will be a great investment for anyone looking to get into the real estate market! Happy bidding!

How to Buy A House with LASTBIDrealestate

How to Buy A House with LASTBIDrealestate

Your Quick Reference Guide to Online Real Estate Auctions

Congratulations on deciding to buy a house! This is a big step in your life, regardless if it is your first home, your retirement dream home, or a house you’re planning on renovating to flip. Online real estate auctions are a great way to purchase property, as you are able to avoid the long, drawn-out buying process in a traditional sale. You don’t have to deal with any negotiations, or even the buyer at all! We do all that we can to make the process as easy as possible for you – allowing you to buy a home right from your couch. We wanted to help make the home buying process with us a little easier to understand, so we’ve created this infographic to help you get started!

How to buy a house with lastbidrealestate

1. Register

First things first, you have to make sure that you can participate in our auctions! Register here to be able to bid on any of our upcoming auctions. You will fill out your information and enter your credit card information to verify your identity (LASTBIDrealestate.com purchases will not be charged to your credit card).

2. Determine House Type and Location

Sit down and decide where you want to live and what type of home you want to live in! This will help you narrow down your options and allow you to think about what is realistic with your budget. That way, when the perfect home pops up on our site you will be ready to jump on it!

3. Browse our upcoming auctions

Once you know what you are looking for, browse through all of the properties that we have listed. You will be able to use our filter feature to find exactly what you are looking for. If you haven’t found your dream property yet, sign up for real estate auction notices to be notified when new auctions are listed.

4. Place your bid

Once you’ve found your home, decide on your maximum bid and start bidding! You can either set your maximum and go about your day, or you can place bids yourself.

5. Win your home!

Congratulations you won the auction! Pop the champagne, call everyone you know, and start browsing through paint colors and online furniture stores!

6. Sign & Pay

After you’ve won, we will contact you about all of the paperwork. We will ask you what name you want on the deed, where you would like to sign the Buy/Sell Agreement, how you will be paying the Earnest Money Deposit, and if you are working with a mortgage company. You will be contacted to schedule the closing with the title company taking care of the property within 30 days of the auction.

7. Get the keys

Would you look at that? You’re a homeowner! Congratulations on your new home. We can’t wait to see the life that you build for yourself in it. You will get the keys to your property after all the paperwork has been settled and you the closing is complete. Now you can just sit back and enjoy your new home!

We hope that this has been a helpful reference guide for our auction process and that you have a better idea of how to buy a house with us. If you are looking for further information about how the auction works, you can read more here. Ready to start your home buying process? Click the button bellow to view our upcoming auctions. Happy Bidding!

1 1/2 Story Home for Auction

rental property

1 1/2 Story Home for Auction

Great first home or rental property investment

Are you an avid DIY remodeler? Is Fixer Upper your favorite show of all time? Do you want to test your skills out? If so, this is the auction for you! We will be auctioning off this 1 1/2 story home located in Burton, Michigan on Wednesday, February 26th. The starting bid is only $5,000! This one bed, one bath home would be the perfect investment for someone just starting out in the real estate market, or would be a great rental property! View more details about the auction here.

The home is officially one bed, one bath, but there is an additional room that was used as an extra bedroom in the past. Some restoration work has been completed, but it needs to be cleaned and the rest of the updates need to be made before someone would be able to move in. The home has a newer natural gas furnace and hot water heater. There is a nice back yard that would provide a nice place to relax during summer evenings. After all, you can’t beat Michigan summers!

 

Having a rental property is a fantastic source of income. After you have made the renovations for the property (DIY or contracted out), you can simply rent out the home and use the rent from your tenant to pay for the mortgage or the costs of the renovations. Then after the loan is paid off, you will have a secondary income that you can use to pay off your own mortgage or any other expenses that you might have. Of course, you can also choose to live in this home yourself! Once it is fixed up it would be a perfect starter home for a couple. Then, as they grow out of the home they can either keep it and rent it out or they can sell it to add to their down payment for their next home!

If you are interested in participating in this auction, please Contact Jordan Miedema with questions.

Call |Text | E-Mail: Jordan Miedema
616-460-8936 | Jordan@1800lastbid.com

Property Address: 2060 Scottwood Ave., Burton, MI

For questions about buying or selling property with LASTBIDrealestate.com, please contact us here.

Commercial Building and Land in Marshall, MI

Commercial Building and Land in Marshall, MI

Ideal Marijuana Facility!

If you’ve been looking to break into the cannabis industry, here is your chance! On March 10th we will be auctioning off a 24,000 square foot commercial building on 10.5 acres of land in Marshall, Michigan through an online real estate auction. The property has been approved to be conditionally rezoned as I-1, Light Industrial for the exclusive use of a Marijuana facility as allowed by the City Zoning Ordinance. Of course, it can also be used for any other operations, but this would be an ideal investment for anyone trying to succeed in the cannabis industry. The property is located near the I-95/I-69 interchange. The all-steel building was formerly the Backroads Saloon. The building has room for expansion and includes a 2016 fire sprinkler system. The main floor includes men’s and women’s restrooms, offices, and a cafeteria area. The mezzanine area includes additional offices, private bathrooms, lounge, and large conference room. Other spaces are an elevator, racquetball court and additional storage. The property would be well suited for any potential renovations to become a marijuana facility should the buyer wish to enter the industry. All contents of building and liquor license are available but are selling separately.

If you are interested in this property, or would simply like more information, please contact Vic Kuiper. This is truly a fantastic investment opportunity, regardless of what your plans are for the facility. If you have any other questions about the auction process, please contact us here. Otherwise, head on over to the auction site to place a bid!

Vic Kuiper
Phone: 616-283-8516
Email: vkuiper@1800lastbid.com

Ready To Bid?

Have a commercial property that you are looking to sell? consider holding an auction with us here at LASTBIDrealestate! Auctions are a great way for you to quickly sell your building and/or land for a fantastic price. Not only does an auction take out the hassle of a traditional sale, but you know exactly when your property will be sold. Contact us about selling your commercial property today!

Zeke’s Restaurant Up for Auction!

zekes restaurant

Zeke’s Restaurant Up for Auction!

Complete Operating Restaurant!

Have you dreamed of owning your own restaurant your whole life? Creating a staple place for your community where people can come for friends, fun and good food? Or are you looking to expand your current operations for your company so you can keep up with demand? Check out our upcoming auction! After 30 years in business the owner of Zeke’s Restaurant is retiring and looking to sell! This will be slightly different than our other auctions, so make sure to rad on for more information. Or, feel free to go straight to our auction site here.

Here is what you need to know: if you are interested in purchasing the complete operating restaurant and all of it’s assets including the real estate,  business, beer club,liquor license and other assets you must place an offer before February 14th, 2020. After that, the property and all of the assets will be sold separately through an auction that is scheduled for March 10th, 2020. So, if you are looking for an easy way to start your dream restaurant, make sure to place an offer before February 14th!!!

Zeke’s Food & Spirits has been continuously updated and offers a comfortable atmosphere and a great dining experience. Famous for great food and for its beer club, with over 250 bottled beers available & many more on tap! The restaurant has seating for 284 patrons in main floor dining areas, large bar area, and upper/lower private dining/event rooms. This restaurant also features multiple walk-in coolers and freezer, a Maitre’D  POS system, security system, large salad bar,  office area, and much more. The property is located on Front Street in Dowagiac, Michigan. If you have any questions about either the direct sale before February 14th or the auction that will happen after, please contact Vic Kuiper. This is a beautiful property and a fantastic real estate opportunity!

 

Vic Kuiper:
Phone: 616-283-8516
Email: vkuiper@1800lastbid.com

Ready to Bid on Zeke's Restaurant?

Looking to Sell?

How To Find Foreclosed Homes

How To Find Foreclosed Homes

Your guide to the foreclosure market

Buying a foreclosed home is an amazing way to make your way into the world of real estate. Regardless if you plan on purchasing a property for yourself or are looking to flip homes, you are sure to find a great deal on the foreclosure market. But first things first, you’re going to have to find a property to buy! Because foreclosure sales operate a little differently than traditional real estate sales, you might find yourself wondering how to find foreclosed homes for sale. There are a few different ways that you can go about finding your dream foreclosed property:

Find A Real Estate Agent:

Your real estate agent will be your best friend throughout your foreclosure process. Traditional real estate sales can be overwhelming, so think about what the foreclosure buying process would look like without an agent! It’s best for you to find an agent the specializes specifically in foreclosures, as they will have a wealth of knowledge to share with you during your buying process. They know the market and the general rules and regulations that surround foreclosed properties. They will help you find the homes with the most potential and guide you away from those that would end up costing you more than they are worth. An agent will search out properties that fit your qualifications and will have the inside scoop from their coworkers and other leads to find the house of your dreams. While it isn’t 100% necessary to have an agent, they are extremely helpful throughout the foreclosure process!

Check Pre-Foreclosures:

Depending on the property, foreclosures can sell fast. If you want to be the first to know when a foreclosure hits the market, try checking out pre-foreclosures. A pre-foreclosure sale occurs when the owner of the property knows that their home is in the early stages of a foreclosure. During this time, they have the opportunity to find a way to catch up on their missed payments or sell the house themselves. If you are interested in the property you can choose to buy it directly, or you can wait and see if it ends up being foreclosed. Pre-foreclosures are a fantastic way to be aware of what will soon be on the foreclosure market.

Banks & Asset Management Companies:

Go straight to the source! In a foreclosure sale, the bank or asset 

foreclosed homes

management service is the seller of the property. Major banks will have listings on their website that you can search through to find a property in your area. For example, check out the foreclosures page for Bank of American here.

Auction Companies:

Find online real estate auction sites (like us!) that sell foreclosed properties. From undeveloped land to commercial and residential properties, you are sure to find a plethora of properties available. We are constantly updating our upcoming auction page, so make sure to check in regularly to see what properties are listed. Auctions are a lot less hassle than a traditional sale as well, as all you have to do is place your bid online and wait for the auction to end! Check out some of our upcoming foreclosure auctions here.

Online Real Estate Websites

Check real estate sites that list properties available for rent, sale, pre-foreclosure and foreclosure. This is another quick and easy way for you to find homes available in your area. Available properties will be continually updated, and these sites typically cover the whole country, allowing you to research properties in any state you want!

Take A Drive

Want to get off the internet? Drive through the area you are interested in and look for foreclosure signs! While this might be a slightly tedious process, it’s a great way to get a close look at a property and a feel for the neighborhood. Take a few detours on your way to or from work each day and you might just find the foreclosure of your dreams!

how to find foreclosed homes
Foreclosed properties are truly a fantastic way to find a home for a great deal! We hope that this guide has given you a few ideas of where you can look for a property, but if you have future questions about how to find foreclosed homes, feel free to contact us!

Ready to Bid?

How To Buy A Foreclosed Home

foreclosure real estate auctions

How To Buy A Foreclosed Home

What You Need to Know for a Foreclosure Real Estate Auction

Foreclosures are a great way to purchase a home and land for cheap! Often you can get great properties for a fraction of the cost you would pay in a traditional real estate sale. Foreclosure auctions are fast and easy, since you know exactly what you plan to pay and when you can expect to close on the property (auctions do have end times while typical real estate sales do not). There is a bit of a different process to purchasing a house in a foreclosure auction compared to a traditional real estate sale, so read on to be fully informed before you place a bid.

What are Foreclosures?

A home is foreclosed upon when the owner stops making their mortgage payment. In order to receive a loan for a large purchase, you are required to have some form of collateral to back it. This is typically whatever you are using the loan to pay off, in this case, a house. If you fail to make payments on your loan, the bank or other lender will take possession of the home in order to recover their losses. Often, the bank does not have time to wait to hold a traditional real estate sale, so they will sell through us to liquidate the property to quickly. We auction off many traditional and commercial real estate properties for banks and other lending associations.

Find an Agent

One of the first things that you will want to do when looking to purchase a

foreclosed home is to find a quality real estate agent that is familiar with foreclosures. Their experience will be necessary in your search process and they will able to help you discover exactly what sort of foreclosure you are looking for. They know what to look for in a foreclosed property that will make it a great investment and will do all they can to get you the best price possible. If you are planning on purchasing a home through a foreclosure real estate auction, it isn’t necessary for you to have an agent, as you won’t have to be negotiating anything. However, if you’ve been on the hunt for the perfect foreclosed property you probably already have an agent – so it won’t hurt to bring them along to see the property you are planning on bidding on!

Understand As-Is/Sale Subject to Approval

One of the major differences between a foreclosure sale and a foreclosure auction is that the buyer has a lot less negotiating power. Foreclosures are typically sold As-Is, meaning that what you see is what you get. Because the bank is the seller, they will not perform any upgrades or fix minor repairs in order to compromise with you on a selling price. Additionally, anything left on the property (such as old furniture) will belong to you as well and it will be up to you to choose how you wish to deal with it.

Foreclosures also typically have a ‘Sale Subject to Approval’ term to them. Because the bank needs to recover as much of their loss as possible, often times they must approve the amount that has been offered to make sure it will be enough for them.

Inspect the Property

After you have gone through all of the information and photos that are available online of the property that is up for auction (or for sale depending on the process you are going through), check for inspection dates and times that will allow you to take a better look at the property you are planning on purchasing. Once you are at the property, do a complete walk through of the property top to bottom. You will want to note any damages that need to be fixed in addition to surveying the condition of the rest of the house. Make sure that the house suits the purpose you are intending it for, and step back and look at it objectively as a real estate investment.

Know Your Finances

Here’s the big one – sit down and figure out what you are able to pay. Buying

inspect your real esate

a house is a huge ordeal, and it should not be taken lightly. First things first, visit your own bank and get preapproval for a loan if you aren’t planning on paying for a property outright. This will expedite the sale process on your end and will help you decide how much you can pay for the property. Next, consider what you are willing to pay, not just what the bank says you can afford to pay. It’s important to figure out your maximum bid so that you do spend outside of your means. Afterall, you don’t want to have to foreclose yourself! Take into consideration any of the expenses you will incur to repair damages that currently exist. Last but certainly not least, make sure that you know all property taxes and any other yearly expenses you might have to pay if you purchase a foreclosed property. While you may be able to afford the property when it is foreclosed, do you have the funds to keep up with it all the time? You will be able to find all relevant tax information listed on our auction site for each property.

What to do Next

Congratulations you placed a bid and won the foreclosed property you were bidding on! Now comes the fun part! There are so many things that you can do with a foreclosed home. You can complete all of the necessary renovations and live in the home yourself or flip the home for a profit. You may also choose to keep the home and rent it out, creating a nice additional form of income for yourself. You can also take down the building and rebuild! Whatever you choose to do, we know that you are going to love the result. Ready to start bidding? We hope that this article has been an informative look into the world of foreclosure auctions and that you feel confident to begin you journey participating in a foreclosure real estate auction. Click the button below to head on over to our auction site to see current properties up for auction. If you have further questions about foreclosure auctions, check out our FAQ page or contact us here. Happy bidding!

Looking to Sell?

Have a property you are looking to sell off? We can help!