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Should I Buy Houses For Cash at an Auction?
| Guest post by: C.J Lauria |
Article Overview: Purchasing a property via auction frequently entails a commitment to all outstanding debts including unexpected liens and other judgments in addition to those for which the auction is taking place. By purchasing a bank owned property you will typically have assurance of clear title or at least a complete awareness of other fees or liens due.
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Free Download - Learn the Value of a Solid Cash Buyers List By C.J Lauria |
Should I Buy Houses For Cash at an Auction?
A tradition as old as business itself is that of seeking to bid on
desired products or services. It simply means the highest bidder wins
the negotiations. Our culture is colored with scenes of rapidly talking
auctioneers amusing their audience as they moved countless dollars of
merchandise with the sound of the gavel. Big nationwide auctions have
recently made headlines but what is actually better for the average
short sale investor…REO or bank auctions? Let’s examine the pros and
cons for each.
Purchasing a property via auction frequently entails a commitment to
all outstanding debts including unexpected liens and other judgments in
addition to those for which the auction is taking place. By purchasing a
bank owned property you will typically have assurance of clear title or
at least a complete awareness of other fees or liens due.
Property sold at auction frequently has tenants or prior owners still
in place, causing new owners to engage in immediate action in order to
take possession. Bank owned properties have often evicted former
occupants thereby eliminating the need for out of pocket legal expenses.
Just keep in mind, this is changing and some short sale investors have
encountered squatters. On the other hand, depending upon your plans for
the property, having paying tenants may be a strong positive.
Personally, I have never favored inheriting tenants. Be careful!
Auctions require advance funding to be in place while bank owned
properties may actually offer added terms or beneficial interest rates
in order to move a non-performing property off their portfolio. Since it
can cost a lot of money for a bank to keep a property on their books,
one way they entice others to purchase is by negotiating the terms of
the finance offers. This is especially true in areas where lenders may
be limited by the number of homes they can release on the market (ie,
federal regulations prohibit “dumping” in certain neighborhoods – often
the same ones where many non-performing loans were originally written).
By offering highly favorable financial terms, banks are able to shift
properties off their books without continuing to drive down prices.
The bottom line is that short sales are one of the best bargains of
all but don’t underestimate the value in bank owned properties. Auctions
are a lot of fun but not always indicative of the best value especially
for those just starting out or who only intend to purchase one or two
properties. People often behave irrationally at auctions because of the
competition and frequently make decisions based on emotion. In my
company we aid cash house buyers to acquire investment properties either
with all cash or by providing funds from our private lenders.
Financing in this manner allows the cash buyer to leverage his/her money
so that they can do more deals.
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Article Tags: cash house buyers, Cheap Homes, Real Estate Investing, Real Estate Investment, Real Estate Market, short sales
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