This may not be the best time to write an article like this. The recession that began in late 2008 and has continued well into 2010 was sparked mainly by a huge overheated bubble in the housing market.
Since the bubble burst, housing prices have plummeted and it’s certainly become a buyer’s market with sellers who are frantic to sell at just about any price to get out from underneath their mortgages that they can no longer afford.
Fortunately much of this pain is contained within the lower end of the housing market. Higher priced homes haven’t felt quite as much of this pain and that’s why I can still write this article today! I’m going to talk about several different tips you can use in order to win a bidding war for your dream house.
The first thing you can do is put down more money as a binder. Typically binders start around $1000 but if you put down 5000 or even $10,000 then it immediately shows that you are much more serious than other bidders.Feel free to find more information at We buy houses Columbus Ohio
Before the auction
Buying a house at auction is not something you can just decide to do one day, unless you’re a millionaire. You need to plan and prepare, starting with gaining a catalogue that contains all of the properties up for auction. These catalogues are printed well in advance of the actual auction meaning you are able to go through it and finely read about properties that you are interested in. When you have identified some of the properties that you are interested in you will be able to arrange viewings of them.
It is important that you research the houses as much as you can prior to the auction, the more information that you can gain means the more informed you will be about whether or not to go ahead with the purchase. You should ask local estate agents and neighbours for their opinions on the properties you are interested in.
As well as visiting the property yourself you should also get a report done on the building from a surveyor and ask your solicitor to make some checks on the house to look into anything that might affect the price or future value of it. By involving professionals in this way you will know for sure that the description in the catalogue is accurate so you know exactly what you are buying. The downside is that these checks could involve several hundred pounds and you cannot guarantee that you will be the winning bidder at the auction.
If you are happy with some of the properties seen within catalogue should you start making financial arrangements prior to the auction. You should make sure you have a 10% deposit ready for payment on the actual day of the auction and access to the remaining money within 28 days after the auction so that if you are successful in purchasing a house you have the money to pay for it.