what are the risks in purchashing a property thru auctions ? any precautions ?

In Buying Property - Asked by vincent h. - May 15, 2009
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Answer(s)

MM L.
Developer
Diamond Bar, CA

many have issues which may be why they did not sell,
make sure you check code enf. files, building dept. files,
and title report, however some are great deals......

May 15, 2009
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Brandi L.
Oak Brook, IL

You will typically have hard earnest money at risk so you must be comfortable with the property and your ability to close within the specified time frame which can be days or months.

May 16, 2009
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Raul G.
Broker/Agent
Burbank, CA

Depending on why it is being sold and who is selling, there could be lots of risk to minimum risk. Auctions are not always such a great deal. At an auctin in the Toluca Lake area of Burbank recently a house with a starting bid of $297,000 went for $605,000 and then it has to to go to probate court for approval and the first overbid is $635,000. Likely it will sell for a little higher.

May 16, 2009
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Joe M.
West Bloomfield, MI

Buyer Beware, you can lose your deposit and then you are buying the subject with no condition attached that means no escape clause.

May 17, 2009
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