Are there any bargains to be had purchasing forclosed houses at a RELO auction?
These post foreclosure auctions are usually heavily advertised and well attended. They are designed to get a good price for the seller. The opening bid is just to get the ball rolling. These properties almost have a “reserve” price that is much closer to market value. Reserve means they reserve the right to not sell to a winning bidder at a price below what they really have set as their minimum. It could still be worthwhile if you are able to buy it for 90 to 95% of value. Ute is thinking of pre-foreclosure auctions when she says inspections are not usually available before the bidding. The post-foreclosure auctions usually have two weekends of open houses before the auction date to allow “viewings” and they will also usually allow inspection and financing contingencies. READ your contract and the auction company brochure thouroughly. = Also you can be represented by an agent at one of these auctions. Contact an agent you trust to attend with you. – They will be paid a tiny commission
