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Forclosed home being sold at auction

I was working on getting repair information for a home I am considering buying.  The home hasn't been lived in for 6 years subsequently there are needed repairs.  Prior to getting an offer to the owner the house was pulled off the market and given to an online auction company.  Now the tricky part.  There is no minimum bid, no reserve bid, you can bid anytime and whenever the owner feels the offer is to their liking they will stop the auction.  How does someone deal with this and still get a good deal?
  • November 03 2013 - US
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Answers (2)

There may not be a min or reserve but I bet it is not an absolute auction which means it might not ever happen. Look for the words absolute auction, without it the seller can change their minds and so no sale to all bids. These auctions have loads of rules and risks, so be cautious. All auctions try and suck in the novices who get caught up in what they don't know or understand.


tim
  • November 03 2013
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Profile picture for CallTheSisters
I agree with Tim.  Unless you are very experienced you should avoid auctions.  The worst are online auctions.

Find a local Realtor who can help you find a foreclosure worth investing in.
  • November 04 2013
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