Government Auction

Government Foreclosure Buying Tips:

If you’re looking for buy foreclosures repossessed (repos) properties by the government, these tips might be helpful.

1. Be sure to inspect the home completely. That means you must check for all the minor details and damages that may add up in repair costs, such as moles issues or maybe even foundation problems. You may be able to negotiate for a better price if you deem the property worthy of repair.

2. When going on site for inspections prior to bid, be sure to bring an expert inspector with you. Even if you’re knowledgeable in the field, never hurts to get a second opinion and perhaps catch on small details you missed personally. Again, any damages caught prior to purchase can save you lots of unnecessary headache.

3. Remember These are government auctions. Start the bid low since other bidders likely will have inspected the home as well. Slowly let the bid auction bid up. If there’s amateurs bidding up the price, let them have it. There’s plenty of inventory, especially in this market. Always make sure you set your budget and the set the yield you want to make on the property before coming to the auction.