Before going to foreclosure auctions, you should do your homework with a realtor or with a real estate professional by researching the comparables. Often times, you'll find at auctions what appears to be severely discounted properties but they may just be at market value, if not higher.
Housing prices have plunged drastically since its peak a couple of years ago. Today, we are lucky to see homes sold in the United States.
At an auction, the banks are putting the houses for "sale" at market value because they also don't want to lose out. Once bidding begins, excited buyers may even bid the home prices above and beyond current market value.
Do you know what happens to homes if it was not bidded at the auction? The banks put it out on the market to have it sold with a realtor! So sometimes, it is better to just go straight to the realtor, or better yet, go straight to the home owners to try to cut a deal. They don't need to pay the realtor any commissions and you get to go straight to the decision makers.
However, if you are still tempted to attend an auction event. GO! Just be careful, be prepared, and don't let the excitement get to you!
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