Who Holds Seized Property Auctions?
Seized property auctions are often run by banks and credit card companies who are hoping to recover the funds owed to them in whole or in part. “In part” is the operative phrase here because creditors will often accept substantially less for a given property. The result is that buyers may find properties at as much as 40% off the true market value. Factors That Influence the Price Another factor that may cause lower-than-normal prices at a property auction is that often there is no reserve price set. The reserve price is the minimum bid set by the seller. Bidding at a public auction begins at that amount. In addition to the absence of a reserve, seized property for auction may offer homes or business locations that are in need of repair or renovation. This means that the bidding is likely to start very low. If you have the means and expertise to repair the property inexpensively, such properties can net you a tidy profit when sold. More Tips For Successful Bidding Here’s a another tip:
