Must know before buying property on auction

ƒ—…–‹‘• …ƒ „‡ ƒ• •–‹Ǧ ƒ——Žƒ…––‹‹‘‰•ƒǡ’†”‘’•”’‘‡…–‹‹•˜‹‡‰„—ƒ•›‡ƒ”•›ƒ”‘‡–Š‘‡” ROPERTY

–ŠŠ‘‡Ž‘‡‘ƒ—‘…—––‹‘ˆ‘”•ƒƒ„”ƒ‡”‰ƒƒŽŽ‹ƒǡ „‘——–––ǤŠƒ–ƒǯ”•‰ƒ‘‹– •™Šƒ”ƒ‡– „—‘›– ‡‰”—ǯ•ƒ”ƒ‡–‡‘‡”•†‡ƒǤ † –Š‡”‡ǯ• ‘ ”‡…‘—”•‡ ˆ‘” ƒ—ˆ…–›‹‘—•ƒǡ ”™‡ ŠŽ‘›‘‹‘–‰–ƒˆ‘”‡™–ƒŠ”‹†• ––‘‹‡šƒ–™†‡’‡”‡ǯ•Ǧ ƒ’”ƒ‡”‡Šǡ ‘†’‘‹•‘‰–‘‡ ”„‡—•›‡ƒƒ”–…Š‡‘š– –™Š‡ ‡’”ǯ‘•’ƒ‡—”–…›–‹›‘‘—ǫ ˆ‹…—‹›‡‡”–•–‹•Š‘‡—™Ž†‹–Š‡–•Š—‡”‡•Š–‡Š”ƒ‹ˆ–ˆ –ƒŠ•‡•›‘…•‹’ƒ–‡‡†† ™•—‹–ˆŠǦ ‹––Šƒ‡–‡’•”‘ƒ’‡”—–›†’‡”‹•‘–”ƒ–‘†‹–Š‰‡ ‘ƒ—ˆ …––Š‹‘‡†Ǥ ‡–Šƒ‹•Ž•ˆƒƒ…‹Ž†Ǧ –”‘‡“–—Š‹‡”‡ƒ—…‡–‹‘–• Ǥ‹˜‡‘Ž‘Ž˜™‡†ƒ”‹‡ –•Š‘‡’‡—‘”ˆ…Š–Šƒ‡•‡–Š’‹”‹‘‰•” ƒ‘—…‡–‹•‘Š‘ǣ—Ž† —†‡”•–ƒ† „‡ˆ‘”‡ ƒ––‡†‹‰ ƒ

‘– ƒŽŽ ƒ—…–‹‘ ƒ••‡–• •–‡ ˆ”‘ „ƒ ”‡Ǧ

–’Š‘‡••ˆ‡ƒ•…•–‹‘–Š•ƒǣ– ƒ–—‹…•–‹‹‘’•‘ƒ””–ƒ‡ǯ–– –‘‡Ž›ˆ’‘Š”ƒ•†‹‹•‡Ǧ Š–”‹‡••–‘•‡”‹†…ƒ•ŽŽƒ›Ž‡„•‡‡ȋƒŽ––ŠŠ‘‡—‰’Š‡”…–Š‡’ƒ–‹‘‹•Ȍ™ƒŠƒ†– –Šƒ•–

•’‡ŽƒŽŽ–‡ˆ‘”•”ƒƒ†• ƒ„’—”›‡‡ˆ‡””•”‡ƒ†”‡’”—‘•’‹‡”‰–›––Š”‡ƒƒ•—ƒ…–‹‘ „”‡‹–Š‰‘•†Ȃ†ˆ—‘”‡ ‡–‘šƒ–Š‡’Ž˜‡ƒǡ ”–‹Š‘‡— •’ƒ‡†‡˜†ƒ––‘ƒ‰‡ƒ•”–Š‡‹–•ǡ –Š‡ …‘ƒ”’‡–‹–†‹˜”‡‹˜„‡‹•††–‹Š‡‰ ’‡”‹˜…‹‡”ǡ‘–Š‡‡ˆƒ–…™– Š–Š‡”ƒ‡– ƒ—…–‹‘• ƒ”‡ ‘Ǧ•—•’‡•‹˜‡ ƒ† –Šƒ– –Š‡”‡ ‹ƒ•ƒ–”„ƒ‡Ž’‡†”‹ƒ‡•”Ǧ’†”‹‡•‹ˆ…‡‹‡†‡Ǧ–†‡–‘”–‡”ƒ•Š•‡ƒ‡„–—†™–…Šƒ‘‡ˆ”‡‡†™‹––ǤŠ‹‘‡‘•‘Ž›˜‘ƒ”‡Ǧ Ǧ ‡•‘Ž–—‘’–—ƒ”– ›–Šƒ‡—‹…”–ƒ‹‘••‡•–ǡ •™—Š’‡”ˆ‘‡”ƒƒ•—‡…Ž–Ž‡‹‘”…ǤŠ‘‘•Ǧ

Assets can also stem from:

Ǧ ‡…‡ƒ•‡† ‡•–ƒ–‡•ǡ ™Š‡”‡ –Š‡ ‡š‡…—–‘” ™‹ŽŽ

‡Šƒ‘•‘‡•†‡ǯ•–‘„”Ž‡‹‰ƒƒŽ‹–•‹‡‘ƒ••Ǥ•‡–• –‘ ˆ—Žˆ‹Ž –Š‡ †‡Ǧ Ǧ —•‹‡•• ”‡•…—‡ ƒ––‡”•ǡ ™Š‡”‡ •‘‡ ƒ•Ǧ

„•‡—–•‹ƒ‡”•‡••–‘Ž†…‘–‘–‹”ƒ—‹•‡‡‘Ž’‹“‡”—ƒ‹†–‹…‰ƒǢ’•‹‹–ƒŽ‹Žˆƒ‘”Ž›ƒ Ǧ ‹›“ǯ•—‹ƒ†•ƒ•–‡‹‘–•Žƒ‹“——…‹–†‹‘ƒ–‡•†•‡–‘‡ •ƒƒŽŽ–‹‘•ˆ›ƒ……”‘‡†‹’–‘ƒ”Ǧ

‘Š„ƒŽ‹–‰ƒ–”‹‡‘–•Š„‡‡…ˆ‘”•‡–•…Ž‘–‘•‹’‰ƒǤ”–‹…‹’ƒ–‡ ‹ ƒ ƒ—…–‹‘ǫ – –Š‡ ˜‡”› Ž‡ƒ•–ǡ ›‘— —•– ”‡‰‹•Ǧ

P–‡” –‘ „‹† Ǧ ƒ „‹† –ƒ‡ ˆ”‘ ƒ —”‡‰‹•–‡”‡† †’‡’”•‘‘•‹– ‹–•‘ ‹”‡˜‰ƒ‹Ž•‹–†‡Ǥ”Ǥ ‘Š•‡– †ƒ‡—’…‘–‹•‘‹– •‹•””‡‡“ˆ—‹”‡†ƒƒǦ ™„Ž‹‡‹ƒˆ ›„‘‹†—ȋ†•‹—†……‡‘•–•ˆ’——ŽŽ”›…ǡŠ’ƒ—•”‡…Šƒƒ•›‹–Š‰‹ƒ‰Ǥ ƒˆ••›‡‘–—Ȍ ›‘— ƒ”‡ ‘„Ž‹‰ƒ–‡† –‘ ’ƒ› ͳͲ ’‡” …‡– ‘” ˆ—ŽŽ ƒ”‡‘ƒ—–‘‘—…™‡Š†‹‹…Š––ŠŠ‡‡”Š—ƒŽ‡• ‘ˆ‡–”Š‡ˆ‡ƒŽŽ—Ǥ …–Ž‹Ž‘…‘„•‡–•Ǧ ˆ‘”‡ –Š‡ ƒ…–‹‘ •–ƒ”–•Ǥ

Š‡ ‹• › ˆ‹ƒŽ ’ƒ›‡– †—‡ǫ Š‡ ‹– ’…ƒ‘—‘…•–‹–‡‹‘Ǣ•–Š–‘”‡—’ƒŽ‡—”‘•…’–„‹‡‘‡”ˆ–‘‡›”ǡ‡‡”„ǯ„‹•†‹…†‘†‡”‹•‰Ǥ‹•—•ˆ•‹–‘–‡ǡƒ–‘Š™†‡ –†Š‡‡Ǧ ƒ”‡ †—‡ ‘ –Š‡ ˆƒŽŽ ‘ˆ –Š‡ Šƒ‡” ȋ‡ƒ‹‰ –Š‡ •ƒ‡ †ƒ›ȌǤ Š‡ǡ –Š‡”‡ ™‹ŽŽ „‡ ƒ •Š‘”– ’‡”‹‘† ‹ ™Š‹…Š –Š‡ „—›‡” —•– ’”‘†—…‡ ƒǮ‰—ƒ‘”—ƒ––ǡ‡™‡•Šǯ‹…ˆŠ‘”™–‹ŠŽŽ‡ƒŽ‘•—‘–•…–ƒƒ””›†‹ƒ†‰‡”ƒ‡†Ž‹ƒ‹‡Ǥ‹‰ ‡”–› ƒ—…–‹‘• ›‘— —•–Š‡„‡›…‘‘—„ˆ‹†‡ƒ––’”–‘Š’ƒ–Ǧ

It is also important to ensure you can fin›‘a—nc™e‹ŽtŽh“e—pƒuŽ‹rˆ›chˆ‘a”seƒ: Š‘‡ Ž‘ƒ ȋ—Ž‡•• ‹–ǯ• ƒ …ƒ•Š †‡ƒŽ ƒ† ›‘— †‘ǯ– ‡‡† ƒ „‘†Ȍ „‡Ǧ

BIDDING

ƒ—•‡ ›‘— …ƒǯ– ƒˆˆ‘”† –‘ †‡ˆƒ—Ž– ‘ –Š‡ •ƒŽ‡Ǥ …ˆ‘—›‘Ž†—ˆƒ……ƒ‡ǯŽ–‡‰…ƒ‘Žƒ‡…–—‹‘’ ™ˆ”‹‘–Š –Š‡ •ˆ‹‡ŽƒŽ‡”…Ǥ ‡ǡ ›‘— “—‹Š”‡†’ƒ‹› ‡†–‹ƒ‘–ˆ‡Ž–›Šǡ ‡‹†‡…’ƒ•‘Š•ǡ‹–ƒ‹ˆ•–‡—”•–—Šƒ‡ŽŽ›™”‹‡Ǧ ‹‰ „‹† ƒ† –Š‡ ƒ—…–‹‘‡‡” ƒŽ•‘ ”‡“—‹”‡• ƒ …‡‘–ƒ‰‹‡••‘‹ˆ‘–Š‡’ƒ›—…–‡‹‘– ™’”‘‹…”‡Ǥ‡† ‘—– ƒ• ƒ ’‡”Ǧ

”‘’‡”–› ƒ—…–‹‘• ˆ‡ƒǦ ƒ–—”‡”‡ǡ ˆƒ—Ž–‹•˜ƒ‡†–‘ƒ”ŽŽ›Ǥ ‘ŠˆƒŠ–‘‡ƒ•–•Š–ƒŠ–ƒƒ–”–‡Š‡•‘•Ž‡†ŽŽƒ‡•”

Do your research:

‹ƒ•ˆ–‡‘”––ŽŠ‡‡‰ƒ•ŽƒŽŽ›‡”Ǥ ‡•’‘•‹„Ž‡ ˆ‘” ˆ‹š‹‰ ƒ› ˆƒ—Ž–•

—……‡••ˆ—Ž „‹††‡”• ƒ– Š‘‡ ƒ—…–‹‘• ™‹ŽŽ ”ƒƒŽ•–‘‡•„ǡ ‡–ƒŽš‹ƒ‡„• Žƒ‡ˆ†‘”Ž‡ƒ˜‹‡›•‘‘—–•––Šƒ‡†’‹”‘‰’‡”—–›Ǥ ‹…‹’ƒŽ

–ǯ• –Š‡”‡ˆ‘”‡ ‹’‘”–ƒ– –‘ †‘ ›‘—” Š‘‡Ǧ ™‡‘–”˜ƒ„Ž—‡‡ˆ‘‹”•‡‘Šˆƒ–Š†‡–‘’”ˆ‘‹’†‡”‘–›—–›™‘—Šǯƒ”‡– –Š‡‡‡‘ƒ”Ǧǡ ƒƒ†‹ˆ–ƒ‡…–ƒ‘”…‡‹ƒ–Š†‡”‡’’‘ƒ–‡‹”•–‹•ƒ‘Ž –ˆŠ‘ƒ”–ƒ›†‘†—‹–†‹‘‘ƒǯ–Ž ‘˜‡”„‹† ‹ –Š‡ Š‡ƒ– ‘ˆ –Š‡ ‘‡–Ǥ

”‡‰•ƒ–”ƒ†–‡Ǥ ƒ‰‡–• ƒ”‡ ƒ —•‡ˆ—Ž ”‡•‘—”…‡ ‹ –Š‹•

Auctions are a great way to buy property but it’s wise to always prepare.