Contact Us: (386) 218-4951
Wellcovered Insurance
  • Home
  • Quotes
    • Quick Quote
    • Auto Quote
    • Commercial Auto Quote
    • Homeowner Quote
    • Homeowner Quote - Español
    • Flood Quote
    • Business Quote
    • Boatowner Quote
    • Umbrella Quote
    • Condo Quote
    • Renters Quote
    • Motorcycle Quote
  • Products
    • Auto Insurance >
      • Classic Car Insurance
      • RV Insurance
      • ATV Insurance
    • Business Insurance >
      • Business Owners Package (BOP) Insurance
    • Property Insurance >
      • Home Insurance
      • Condo Insurance
      • Renters Insurance
      • Flood Insurance
    • Motorcycle Insurance
    • Boat Insurance
    • Umbrella Insurance
    • Travel Insurance
  • Our Carriers
  • About
    • Agency Staff
    • Client Testimonials
    • Update Contact Info
    • Accessibility Statement
    • Refer a Friend
    • Reviews
    • Local Links
    • Blog
    • News
    • Videos
    • Careers
    • Privacy Policy
  • Contact
  • Home
  • Quotes
    • Quick Quote
    • Auto Quote
    • Commercial Auto Quote
    • Homeowner Quote
    • Homeowner Quote - Español
    • Flood Quote
    • Business Quote
    • Boatowner Quote
    • Umbrella Quote
    • Condo Quote
    • Renters Quote
    • Motorcycle Quote
  • Products
    • Auto Insurance >
      • Classic Car Insurance
      • RV Insurance
      • ATV Insurance
    • Business Insurance >
      • Business Owners Package (BOP) Insurance
    • Property Insurance >
      • Home Insurance
      • Condo Insurance
      • Renters Insurance
      • Flood Insurance
    • Motorcycle Insurance
    • Boat Insurance
    • Umbrella Insurance
    • Travel Insurance
  • Our Carriers
  • About
    • Agency Staff
    • Client Testimonials
    • Update Contact Info
    • Accessibility Statement
    • Refer a Friend
    • Reviews
    • Local Links
    • Blog
    • News
    • Videos
    • Careers
    • Privacy Policy
  • Contact

Is It A Good Idea To Buy Property At The Auction?

12/19/2017

0 Comments

 
Picture
When it comes to property acquisitions, real estate agents and real estate listings are not the only channels available. Auctions are also used by well-seasoned real estate investors to purchase properties. But, beginners are also starting to try the scene at auctions when buying houses. Both professionals and beginners can benefit from buying properties at auctions.

If you are considering an auction, here are some basics to help you decide whether to purchase a home to invest in for sale or residence. 

The first thing that a potential bidder like yourself should know about residential auctions is that there are open houses, where you can walk through in advance. In some instances, you are only allowed to see the property outside.

Two Types of Housing Auctions

  • Absolute Auction – the winning bidder gets the auctioned property
 
  • Lender Confirmation Auction –  the winning bidder is not guaranteed to get the property

The auction companies may choose private locations for these property auctions, such as conference rooms in hotels. They may also choose more public locations, like local government courthouses. Bank-hired trustees are responsible for foreclosure auctions. Local sheriffs conduct tax lien auctions.Residential auctions can also take place on the Internet.

Why Homes End Up at Auctions

Tax lien auctions and foreclosure auctions are two kinds of property auctions. It is a long process before a property is put up at auction. If a homeowner fails to pay their mortgage, the bank issues a notice of default after several months. The notice is done by a county recorder. 

Properties are also auctioned after a homeowner neglects or ignores property taxes and state or local income taxes. When this happens, the unpaid tax authority gets the house in question.

The homeowner should try to renegotiate with the lender or keep up to date with mortgage payments to avoid a foreclosure. Foreclosure can occur after some months to over a year of delinquency.

Some things to keep in mind

Not all properties in auctions have affordable prices for home buyers. Make sure you know how auction swork, so you don’t end up overbidding on a house. Also, take some time to know more about the kind of property you want to bid on.

Buying a property at auction places poses a high risk compared to working with a real estate agent. At Wellcovered Insurance, we aim to provide comprehensive insurance policies that makes your life easier. You can get more information about our products and services by calling our agency at (386) 218-4951. Get your free quote today by clicking here.
0 Comments



Leave a Reply.

    Contact Us

    (386) 218-4951
    1810 S Volusia Ave Ste D
    Orange City, FL 32763

    Click Here to Email Us

    Archives

    June 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    April 2015

    Categories

    All
    Auto
    Auto Insurance
    Business
    Business Insurance
    Car
    Car Insurance
    Commercial Insurance
    Contractor Insurance
    FAQs
    Financial
    Home
    Home Insurance
    Insurance
    Life Insurance
    Local
    Safety

    RSS Feed

Navigation

Homepage
Insurance Quotes
Policy Service
Insurance Products
Contact Us
Privacy Policy
Agent Login

Social Media

Facebook
LinkedIn
​Instagram

Contact Us

Wellcovered Insurance
1810 S Volusia Ave Ste D
Orange City, FL 32763

(386) 218-4951
Click Here to Email Us
Get Driving Directions