Land Vs House
Can anyone here tell me what to expect at my first auction? Are houses more vigorously bid on than blank land?
Can anyone here tell me what to expect at my first auction? Are houses more vigorously bid on than blank land?
For me it has all depended on the deal.
Typically it's more sophisticated bidders going after the land.
This presumes you know about all the other auction gudelines.
If it's your first auction, take notes. If you have time, do a little research on the properties up for auction, even drive bys, and compare what they sell for with FMV assessor's valuations, or other observations. Talk to other bidders, if any, and ask them the "gee whiz" kinds of questions that may make them want to offer you info (don't expect them to reply though).
You may meet a wholesaler or two who could want to make you a customer. Ask for their info. Follow a lawyer to the courthouse when s/he goes to record the sheriff's certificate, say you're planning to start buying foreclosures and would like representation, "would it be a conflict of interest if I hired you?" or other such enticing questions. Also check on tax forfeit land sale auctions in your area, USDA, FHA, etc. repo auctions There can be competition, but I got a USDA foreclosure this month for the min. bid (a third of FMV), I was the only bidder, so deals are still out there. The more auctions you find out about and attend, the better your chances. Remember though, to bid you probably need cash or certified funds at the time of the sale; a call to the auction authority will confirm the rules.
Go. Learn. Act.