Attending a house auction

QUOTE

“The most important quality for an investor is temperament, not intellect… You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.” - Warren Buffett Ž‹‡•ƒˆ”‘‡”•ƒ‘––‡‡‰†—‹‹†‰‡ƒǦ ”‡ƒŽ ‡•–ƒ–‡ ƒ—…–‹‘ ERE

™‹–Š –Š‡ ‹–‡–‹‘ –‘ ’—”Ǧ …Šƒ•‡ ’”‘’‡”–›Ǥ ˆƒ‹—†…‡–Š‹‡‘––•Š›ǡƒ‘›–—‘›—„‘‹—† —™ƒ•–‹–Ž’Ž„”“‘‡—’…ƒ‡‘Ž”‹–ˆ››Ǧ

1. Ensure you can finance the purchase

ˆ‘ƒ”•Šƒ †Š‡‘ƒŽ ‡ƒŽ‘†ƒ›‘ȋ——†‘Ž‡•ǯ–• ‹–‡ǯ•‡†ƒ ƒˆˆ„‘‘”††–‘Ȍ †„‡ˆ…ƒƒ——Ž•–‡‘›‘–Š—‡…•ƒŽ‡ǯ–Ǥ

Hˆ ›‘— …ƒǯ– …‘‡ —’ ™‹–Š –Š‡ ‹ˆ ›‘—ǯ”‡ —•—”‡ ‘ˆ ƒ›–Š‹‰Ǥ ˆƒ‹…–ƒ‹‘…‡ǡˆ”›‘‘— …–‘Š—‡Ž†•‡ˆƒŽŽ…‡‡”Ǥ Ž‡‰Šƒ‡Ž •ƒ‘”›•Ǥ —Ž– ƒ ƒ––‘”‡› ‹ˆ ‡…‡•Ǧ ’ƒ›‡– ‘ˆ –Š‡ †‡’‘•‹– ‹• —•—ƒŽŽ› ”‡“—‹”‡† ‹‡†‹ƒ–‡Ǧ ƒ‡ •—”‡ ›‘— ƒ””‹˜‡ ‡ƒ”Ǧ Ž›ǡ ‹ …ƒ•Šǡ ƒˆ–‡” –Š‡ ™‹‹‰ Ž›ǡ „‡ˆ‘”‡ –Š‡ ƒ—…–‹‘ •–ƒ”–•ǡ 3. Arrive early „‹† ƒ† –Š‡ ƒ—…–‹‘‡‡” ƒŽ•‘ •‘ –Šƒ– ›‘— …ƒ „‡ ’”‡•‡– ”‡“—‹”‡ ƒ …‘‹••‹‘ ’ƒ›Ǧ ™Š‡ –Š‡ ƒ—…–‹‘‡‡” ”‡ƒ†• …‡‡–ƒ– ‰™‡ ‘”ˆ–‡Š†‡ ƒ‘—…––‹ƒ‘• ƒ’”’‹…‡‡”ǤǦ ‘ˆ—–Š–‡Š‡•ƒ–‡Ž‡”Ǥ• ƒ† …‘†‹–‹‘• –‹‘‘•Ǥǯ– „‡•ƒˆ”–ƒŠ‹†‡ –‘ƒ—ƒ…•–‹‘“—‡‡•”Ǧ

ƒ ”‹‘’˜‡”––›‘”ƒ›—‘…–ˆ‹‘Š‘•ˆ‡‡•ƒ –—Š”ƒ‡–

2. Read the sales contract 4. Do your research

ˆ‘ƒ” ‡–ˆŠ—‡ŽŽ›•ǡƒƒŽ‡†…‘ƒ•–”ƒˆ…‘–”ǡ ”…‡Žƒ”†‹–‹›– ƒ”‡† ƒ•Ž‘ŽǤŽ† ˜‘‡–•–‘‘–•ǡ ˆƒ—Ž–•

„‹††‡”• ƒ– Š‘‡ ƒ—…–‹‘• ™‹—ŽŽƒ‹…Ž•‹’‘ƒ„Ž ‡”ƒŽ‹–ƒ‡„•Žǡ‡–ˆƒ‘š”‡•ƒƒ›‘†—–Ž‡•˜–ƒ‹‡•†‹‘‰ –›–ŠŠ‘‡‡—”’Š”ƒ‘”’‡‡”–™–›˜‘Ǥƒ”Ž–—ǯ•‡„‡–‹Š•ˆ‘‡ˆ”‘‡”Šˆ‘ƒ–Š”‡‡†‹’–‘”‘’ˆ‹’‘‡”†–”ƒ–‘›—––›–‘™‘—Šǯ†”ƒ‘‡– †–‹‡‘‡ǯƒ–Ž‘‘˜ǡ‡ƒ”‹„‹†–†‡ˆ‹ƒƒ…––‘Š…”‡ ‹Šƒ‡–ƒ†Š–‡”‘‡’ˆ’‘–ƒŠ–‹‡‡”•–‹•‘ƒ‘Ž ˆ–‘‡Š”ƒ–ƒǤ†›†‘‹—Ǧ

ƒ”– ‘ˆ ‰›ˆ‡‘‡™–—ƒ”’ˆ’”‡‘”‡‡’Ž’‡ˆ‘ƒ””–”›ƒŠ–‘ƒ‹‘—™…–‹Š•‘Š‡‘›•—™Žƒ†‘•”„ƒ‡Ǥ ‘ƒ–„–•‡‡”†˜‹‡”‰–‘ƒ ◗ Attend auctions as an observer:

•’Š‘‡– ƒ›’‘”—‘ǯ”’‡‡”‡–›ƒ†››‘–—‘ǯ”’‡ƒ”–‡‹‡…‹’ƒ‘–‡ǡ ƒ•† ›–‘Š—‡

Find ways to evaluate the property: œ•ƒ‹‘—–‡…–‹‹†‘‰‹ƒ…‰‡‡”‡”ƒ”–‹ˆˆ‘‹ǡ”…–ƒ…Š–‘‡’‹’‹ˆ‡””•‘‡’‘Ž ‡ˆ˜”–ƒ–Š›‡–’–Ǥ‹Ž–ƒŽ‡•†‡ƒ‡†ǡ –Š‡

dealǣ ‡ ƒ„•‘Ǧ ›Ž—‘–—‡Ž•›‡•…—”‡ ‘–Šˆ ‡›‘™—‹”„‹†‰•–„”‹ƒ†–‡ƒ‰–›ƒ„‡ƒ…—ƒ…—–•‹‡‘‹ˆǡ

Be prepared to seal the Ž†–‹Šƒ‘‡„™”Ž‡‡ǯ•ˆ•‘‡”ƒ‘‘Ž•—‰–‘–•Š‹–‡ƒ‰††„‡‹ƒ…Ž‰ƒǤ†—Š›ƒ‹‘–…—‹‰’ƒ™ƒ˜Ž‡‹”ŽŽƒ…ƒ–‡‘Ž •‘ƒ‹„†‰‡ –Ž‡‹Š‘˜‡‹‹‡”••’™ǡ ƒ‹‘›ˆ”–ŠǤ‡‡–•‡Ǥ ŽŽ‡Š”ƒ–Šǯ•ƒ•Š‘ˆ™ƒŽŽ’‡”‘’„‡”Š–‹›†ƒ—‹…Ǧ

saleǣ ƒ‡ ƒ …Ž‘•Ǧ ›‡‘” —Ž‘†‘‡…‹ƒ†–‡ ––Š‘‡’…ƒ‘”–‹†…‹’–‹ƒ‘–‡•‹‘ˆƒ•”ƒ‡Ž‡ƒŽ „‡‡•ˆ–‘ƒ”–‡

Check the conditions of

ƒ—…–‹‘ ƒ†•ƒ–‡ŠǤ‡•‡ …ƒ „‡ ƒ‡†‡† —–‹Ž –Š‡

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