Becoming a homeowner is a big financial commitment and requires careful preparation. If you’re ready to buy a home at an auction, doing your due diligence and taking the time to educate yourself on the market will allow you to make critical decisions under pressure. To help you secure the right property, here are a few tips to follow.

Do: 

Get your finances in order.

Before you start house hunting, you must know what you can comfortably afford. Create a budget that includes all the expenses associated with buying a home, including your mortgage and down payment.

Get pre-approved for a loan so you know what price range to look at. 

Consider the location carefully. 

The location you choose to live in is just as essential to your satisfaction as the home you purchase. Research neighborhoods you like to find out information about crime rates, school districts, amenities, entertainment options, and public transportation. You should also learn the value of homes in the area to know what to expect when it comes to bidding.

Don’t: 

Forget the home inspection.

If the home being auctioned off is vacant, you can get it inspected by a professional before the event.

An inspector will identify any hidden issues before you buy a home, including water damage or improper insulation. This will help you make an informed decision when it’s time to bid.

Get swept up by emotions.

It’s easy to get caught up in the excitement of an auction, but come to the event knowing what you’re bidding on. Doing your research on the listings will ensure you only invest time and energy on the right properties. Consider all the aspects of an investment before agreeing to a deal.

If you’re ready to buy a home, turn to our team at Greenways Real Estate & Auction for professional guidance. With offices in Covington and White Sulphur Springs, we’ve earned a solid reputation throughout Virginia and West Virginia for helping clients achieve their homeownership goals. We carry auctions to help you find the property of your dreams, and our team includes inspectors to ensure you secure the right one. Call (540) 962-1155 or text (540) 698-0883 to learn why it’s beneficial to let Greenways do it! You can also visit us online or download our app to view current listings and upcoming auctions.