If you want to save money by buying a property in a real estate auction, one of the challenging tasks you have is finding genuine listings. There is a wide variety of options out there. Unfortunately, not all of them will yield the results you desire. Here are essential tips you need to consider to get legitimate real estate auctions near you.
1. Check Public Records
You can look into the public records from the county clerk’s office in your area. The county clerk offices usually have auction events in their public listings. Check for Notice of Sale or Notice of Default (NOD). These notices have lists of houses likely to be auctioned soon.
2. Look in the Local Newspaper
Check the legal notices in your local newspaper to see any legitimate auctioneers advertising houses for auction in your area. Checking your newspaper will help you avoid fake auctions.
3. Look for Possible Listings from Financial Institutions
Banks and other lending institutions usually list properties they own. You can check their websites for possible listings. Some of the financial institutions that advertise auctions and foreclosures include GMAC, Wells Fargo, IndyMac and Bank of America.
4. Search Online
You can check real estate auction sites such as Foreclosure.com and RealtyTrac.com for a list of properties that are awaiting auction. Prepare to pay a few dollars to see these listings. However, some sites offer free trial periods for new members.
5. Talk to Asset Managers
Get at least two asset managers and ask them whether they know of any property scheduled for auction in your area. Most asset managers work as buyer’s agents and can help you find a reliable and affordable real estate auction.
6. Look in Government Repositories
Foreclosed properties guaranteed by governmental agencies are often bought at real estate auctions. Governmental bodies usually put up houses they want to auction on their website. You can visit these websites to check if there is a property listed in your neighborhood.
7. Network with Real Estate Lawyers
Real estate agents often work with real estate investors to help them sort out legal issues surrounding their properties. Talking with real estate lawyers can give you a clue on the type of properties that may be available for auction in your area.
8. Network With Real Estate Agents
Real estate agents know almost everything that happens in the industry. There are usually well informed about the latest events happening in the industry, including which auctions are currently being held. Talk to your local real estate agent and ask him whether he knows about any real estate auction event in your neighborhood.
Bonus Tips
When choosing a local real estate auction, make sure the property is located in a place you will be able to drive by for an inspection. If it is something worth bidding for, then contact the ones in charge to confirm the time, location and date of the auction. You should also get your finances in order before the auction day. Most auctions accept cash, cashier’s checks, and bank money orders. You will have to pay the full amount following the auction.
