An estate auction can be the perfect place to find a great deal on a property. However, if you’ve never been to one before, the experience can be a bit intimidating. But with a bit of preparation and some insight into how this industry works, finding success is easy.

Our team at Greenway’s Real Estate & Auction in Covington, VA, has been hosting these events for over 60 years. Below, we share some helpful tips for first-time auction-goers, so you can make the perfect purchase:

• Check the Minimum Bid: When sellers put their homes up for sale an at auction, they will often set a minimum bid price. This means that unless that number is reached, the owner has the right to decline your offer. This information is often listed online prior to the event, so if there’s a particular property you’re interested in, check if there’s a minimum amount needed to obtain it. 
• Do Research: In some cases, you’ll be buying a property without having the chance to view it in person first. Typically, the auction house will post relevant paperwork about the home on their website beforehand. Look through these documents to ensure everything is clear—for example, you don’t want to buy a house just to find a lien on it. 
• Determine a Budget: Work with a real estate agent to determine the fair market value of a property, and decide accordingly how much you are willing to bid. While it’s easy to get caught up in the heat of the moment, this could lead to paying more than you can afford, so set a strict spending cap. Once the bidding reaches this number, bow out. 

Greenway’s Real Estate & Auction is the premier auction company in Virginia and West Virginia. If you want to take part in a real estate auction, we are here for you. Visit our website for more information on our upcoming events, and give us a call at (540) 962-1155 to speak with a helpful member of our team today.