7424 Mitchell Ranch Rd, New Port Richey, FL 34655

After finding properties that interest you on our website there are some simple steps to follow:

• Drive by the properties you have selected. Make an outside inspection and, if at all possible, try to see the interior of the property.  You can learn much more this way, and it can be an opportunity to help decide to pursue it further or drop it altogether. (Please keep in mind that the owner may still be living in the property and their privacy should be respected).
• Study comparable sales remembering that auction properties are not comparable to broker listed sales and usually sell for less. If you have any doubts, you can always contact a real estate professional for more information on the property. You can also purchase an appraisal on the property, to help you make a much better-informed decision of the price with repair estimates when making a bid for the property.
• Communicate with the auctioneer to get registration, bidding, and payment instructions.
• Arrange for the money to make this purchase. Have your cash and financing in order before the auction because the timeframe for closing on the transaction is a short one, most often less than one month. If the property is in need of repairs, you may need a construction loan for this work. If this is the case, you will need a special kind of lender, most likely a commercial bank, that can provide acquisition, construction, and permanent financing.
• Attend the auction, whether in person or online. Stick to your preset price and do not get caught up in the moment and bid beyond the price you have determined for yourself.

If the bidding goes higher than suits you, walk away from the property. There are hundreds of auction listings on our website, so there is no need to become emotional about any one property. Focus on what your objective is and do not let your infatuation with any single property lead you to make a mistake. With your knowledge of the auction system and the financing in place to be successful, you are in the driver’s seat for the next auction.

Read less...