Shopping Foreclosure auctions

Buying a home at a foreclosure auction is not so unusual anymore. What represents the end for one family can be a great beginning for another.

With so many properties in distress, foreclosure auctions are popping up everywhere. And public auctions are not just for houses either.

In fact, You can buy just about anything at a seized property auction.

Many of them are even sponsored by the US government.

You can find bargains on jewelry, Rolex watches, clothing, boats, cars, or more eclectic items like power generators and GPS’s...to learn more about government auctions, just google, "GSA auctions".

However, there are some important issues to keep in mind if you are planning to attend public auctions in your area.

Tips for buying at auction:

· Always inspect the item you want to buy BEFORE you bid on it.

· If you are not knowledgeable about the item you want to buy, bring an expert with you .

· Do your homework ~ know the real value of the item you want to buy.

· Determine your top dollar before bidding starts, and do not go above it.

· Have realistic expectations. You can expect good deals, not always steals.

· Walk before you run. Attend a few auctions and learn your way around. Get comfortable with the process before you jump in and start bidding.

The more heavily the auction is attended, the more competitive the atmosphere, so beware. Great deals are harder to score at heavily attended auctions. If you get caught up in a heated bidding war, you can actually end up spending more than the item is worth.

And if you are shopping for a home at auction prices, it is especially important that you do your homework. Look up courthouse records, know what property taxes are, know all you can before you commit to buying it at auction.

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