Saturday, April 5, 2008

Real Estate Auctions are great deals, right?

I love marketing properties through online auctions. It's a great way to grab attention and it's fun to watch the bids come in online.

However, it's also important that buyers ALWAYS do their due dilligence. There are great deals to be found through an auction, but there are also not so great deals. Buyer Beware!

Real estate Internet auctions make it pretty easy to bid, but most buyers don't realize that price is only part of the equation. Buyers MUST also understand the terms. Terms will spell out the conditions of the purchase. Some example of terms are: "as-is" all inspections required before auction ends, closing in 30 days, amount of escrow deposit, add-on fees such as buyers premium, etc.

There are definitely many great deals to find at auction, just make sure you read and understand the terms before you place your bid.

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