Sure you know whatĄ¯s auction. But, my friend, do you know by buying foreclosure in auction, you can actually earn up to 100,000USD; or save up to that amount if you are buying a foreclosure home for residential purpose? Of cause, those profits happen with the conditions you have the resources needed.
Foreclosure properties are being sold for its loan balance but not its market price. Thus, buying great foreclosure bargains in auction is not about how much you afford to pay, itĄ¯s about how much you know about that property. Do research before stepping in the court house is very important. Find out the true value of a foreclosure home and the loan balance so that you know what your bidding limit is.
To win in auction, you need skills and info. You need to first find out the market value as well as other details of the foreclosure home. Knowing those things help you in setting your bottom line, your bottom line of bidding price. Because to win in auction, it doesnĄ¯t mean how less money you spend to get the property, but how big is the difference between your bidding price and the market value of a foreclosure home.
Set a bottom line for yourself based on your research. If the market value of the foreclosure home is 150,000, your bottom line would be around 130,000. (Lesser down your bottom line a bit from the market value in case of some calculation mistakes or changes of the market.) Stick to your bottom line in auction and be sure you stick to it as the auction environment is intense and it will somehow affect your emotion resulting you to put a wrong bid.
There is no short cut for winning in foreclosure home auction. You will need to research and research to gather info as much as possible. Yes, itĄ¯s not easy at all to win in foreclosure auction. However, the good news is, itĄ¯s not that hard too to win. As long as you have the persistence, you will win.
To know more on foreclosure auction, I suggest you to get a foreclosure book as the book can show you more things which a piece of article canĄ¯t.