Have you attended an auction? Do you know what goes on during an auction?
Once you’re confident you’ve collected enough information to bid on the property of your choice in Liverpool, you’re almost ready to attend the Liverpool property auction. However, there’s one more step you can take to improve your chances of making the winning bid. If there are other auctions going on in your area, try to attend a few just to familiarize yourself with the process. Watch what goes on, and afterwards go up to the people you saw bidding and ask them questions.
Asking From The Experts
It’s also a good idea to re-contact the people who have helped you so far in your research and ask them to pass along any tips they may have from their current experience in attending auctions. Most of these people will be only too happy to pass on their knowledge to you.
Making an offer on property through a Realtor is very different from bidding at an auction. You may find yourself bidding against experienced investors who have made fortunes in the foreclosure game. You may also be bidding against first-time homebuyers or even disgruntled relatives.
The old saying “knowledge is power” definitely applies here. Attending a few auctions will stack the odds in your favour and help you place the winning bid!
Rules of REO Sales
Properties that are either sold at public auctions or at the banks or lenders are known as REOs. When this happens, the rules of the game change a little as well.
The good news is that you can often arrange financing on the properties. The lender who owns the REO is the first place to begin. Chances are you’ll already have talked to the lender from the research you’ve done on the property, so most of your energy can now be concentrated on arranging financing and beating out the competition – if there’s any.
Ask the lender to give you specific overview of the steps that will be necessary for you to purchase the REO property. In general, here’s what you’ll have to look forward to:
- Inspecting the property.
- Arranging financing
- Making an offer
Enlist the help of the lender in preparing your offer. Remember, it is usually in their best interest to sell the REO property as quickly as possible – after all, they are really in the money business, not the real estate business. You’ll find a good working relationship with the lender will save you time and money – in fact, it’s worth its weight in gold. It’s easy to establish this kind of relationship – just use common courtesy and politeness. By now you know what you want – and you’re practically in the door.