Talking Points
  • Many home buyers think that real estate auctions are the best way to get a good deal on a home.  While there are certainly deals to be had, auctions also can be dangerous for buyers.
  • Buyers planning to attend an auction are advised to do their homework and know what the property is worth, especially since auctions generally do not offer appraisal contingencies.
  • Buyers should know what repairs are needed and what it will cost to make the home livable.
  • Setting and sticking to a maximum price and not forgetting to include the buyer’s premium is critical.
  • Most importantly, maintain control.  Many auctions turn into feeding frenzies. The excitement of the moment leads to bidders getting carried away.