WillyPower.com

Looking For Real Estate At A Great Price? Try an Auction!

Are you looking for an investment property and haven’t had much luck with the traditional methods? Are you looking for your first home or even your next home? Try a real estate auction. I have been to a few auctions and they were not only fun to observe but the prices that the homes ended up selling for were really great deals.

I have been to both single family home auctions as well as condominium auctions. The auctions I have attended were for homes from a builder that had too much inventory (especially for this market). I have seen a beautiful beach front condo go for $400,000 (this would have gone for twice as much in 2005). I have seen a 5 bedroom 3 car garage property on 1 acre go for $400,000. If you know anything about New Jersey Real Estate then you know that these are steals.

The auctions usually take place in a hotel and lots and lots of people attend. You usually have to sign up early and present a check of a minimum amount when you arrive to show the auction company that you are serious. The auction company usually gives the potential buyers a preview of the property a few weeks before the auction. The auction company offers something similar to an open house with the properties for sale.

Auctions can be done for any type of property. I have seen auctions advertised for single private homes, farms, warehouses, office buildings and apartment complexes. I frequent auctions run by Max Spann in New Jersey. Max Spann senior has been in the business a long time and both he and Max Spann junior are nice approachable people that make you feel comfortable when you are at their auctions.

So at the very least look into a real estate auction that is happening in your area and go. You only need to register and show proof of funds if you are bidding. Go and see what it is about and I guarantee you that you will see some deals.