Real estate auctions are a great alternative to the traditional process of buying a house. The steps to owning a home through this system are unique, and many potential homeowners find that using this method is completely foreign. Luckily, our expert team at Greenway’s Real Estate & Auction in Covington, VA, is knowledgeable about how to successfully make a purchase through an auction.

Below, we discuss three tips you should know if you’re considering bidding at a real estate auction:

• Research the Properties: If you have your eyes set on a few different properties in the real estate auction, carefully research the ones you’re interested in. While you usually can’t inspect the interior, a visual inspection of the exterior can help to determine the condition of the home. You can also do a title search on the property and look at the prices of other homes in the neighborhood to compare.
• Know What to Expect: Find out the rules of real estate auctions ahead of time. Each state has different laws when it comes to closing on a property, so do your homework. Along with the rules and laws, there is also a lot of legal and real estate jargon that can be difficult to comprehend, so do some research and be prepared before the auction begins.
• Decide on a Budget: Have an idea of how much you can afford to bid and how much you are willing to pay for a property before the real estate auction. Bidding too high can cause you to pay more than you’re comfortable with, while bidding too low may cause you to lose the property. Consult with a real estate agent who is knowledgeable about the area to determine a good price to settle on.

If you’re interested in getting involved in an upcoming real estate auction, contact our professional team at Greenway’s Real Estate & Auction. Working in Virginia and West Virginia, we offer a variety of services including house, estate, and property auctions. For more information about the process, give us a call at (540) 962-1155 or visit us online.