Posted:
Friday, June 19th, 2009
Category:
Real Estate License
Given the state of the economy, it’s no surprise that people want things as cheap as they can get them. It doesn’t matter if you’re talking about buying a home, car, or even just a new pair of shoes. Finding great deals is the goal of almost every shopper in today’s society, and many of those deals are found in the same way: auctions. Auctions are a great format to buy anything because you can get exactly what you want or need and often for a much better deal than you would just buying it outright. Between the economy, eBay, and people’s enjoyment of the exciting auction format, these once-rare finds are now commonplace all around the country.
Auctions carry many advantages and even a few disadvantages, depending on your perspective of the situation. Attending an auction for a foreclosed home, for example, could land you a home at up to 70% to 80% off of the actual value of the property. However, you will get the property “as is”, which means that if it has either been abandoned or was trashed before the owners were evicted; you’ll have to clean up the mess. If you go to an auction to buy a car, you’ll run into the same sort of situation. Unless otherwise specified, all auctions offer items in “as is” condition, which could be as good or as bad as it gets.
Auctions aren’t just for antiques and estate sales. These days, everyone is finding a reason to auction just about everything. From cars and homes to collectibles and everyday items, auction sales are higher than they have ever been. This is, of course, largely in part to sites like eBay and Auctiva, where people can auction their own goods for sale or auction the goods of others for a fee.
Watch out for companies that try to sell you information on foreclosed home auctions. Too often, people get scammed into thinking that they have to know the “right people” or have “the inside scoop” to learn about these sales. In reality, auctions are public information, and are listed in the public record and/or legal section of your local newspaper as such. You can also obtain a list of foreclosure auctions from your county sheriff in most states throughout the U.S. Whether you’re looking for homes or smaller items, though, you can’t go wrong with the auction as your choice of shopping methods.
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