Five key points in court auctons

Point 1 Howe much will the winning bid be?

Whether on or off an auction block, each real property is unique. Winning bids greatly differ depending on interests involved and the need for refurbishing. Generally speaking prices range from 30% to 90% of regular assets on the market. At the right bid, you can purchase a property at a lower price.

Point 2 How do I reduce the total cost?

Total cost is the sum of bid price, registration and other taxes and fees, refurbishing costs, costs of taking possession including for moving and eviction process.

Most importantly you must bid at just above the second highest bid. And to do so you must wisely utilize advices of member agents in the area. Almost all auctioned properties require renovations. In this respect as well member agents can help by introducing renovators at lower costs. To secure possession you should primarily think about relying on compulsory executions by the court and budget accordingly. A member agent can provide an estimate and advise you on the costs. Utilizing professional advises, you should be able to acquire real estate through a court auction at the cost that would satisfy you.

Point 3 What do I look for in the Tri-set documents?

Tri-set documents provided by the court are important information about the property. You should read the whole carefully and not in any particular section. By thoroughly analyzing the documents you can start to correctly evaluate the property. The fact property is occupied can be an advantage for a property for investment purpose, but you should still check who the occupants are. Member agents as an auction concierge can explain these matters in detail, so please consult them.

Point 4 How are properties that look good but with some problems?

You must be most careful about assets that may appear to be attractive properties but in fact with some issues, most notably on rights of stakeholders. There may be cases where possessors have the rights to continue renting the property even though a buyer wanted it as a home, and where only a house is put to auction but not the land, or vice versa. To avoid a simple mistake, please consult an auction concierge.

Point 5 What are the benefits of consulting an auction concierge of

Auction concierges have ample knowledge and experiences about foreclosure auctions, and would give you appropriate advices. They are professional realtors who are proud to serve their clients. You should use them well. contents