AUCTION QUESTION

I have never been to an auction.
Does it cost to participate?
What do I need to bring if I go?

verne

Comments(2)

  • Vern16th April, 2003

    Hello Verne_j, it cost nothing to attend the auction. The two best things to bring are, patience and your check book.

    I say patience because it is easy to let your emotions get you into a bidding war. So do your home work. I mean study the neighborhood, inspect the property to know your fix-up cost, call the tax office to see what the property is currently assessed for value. Set the high that you are willing to go and stick to it.

    I have attended to auctions thus far and have placed to winning bid on both. I made 220% increase in value on the first one. I will only have about 20% equity in the second one now that I have made all repairs. There was a 10% commission added on top of the high bid. Therefor that fee eat into my percentage of return.

    Good luck.

  • verne_j16th April, 2003

    thanks for the info...

    vern....

    look at your P.M.

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