Buying a house at auction is a great alternative to traditional real estate. Though it’s non-traditional, it’s important to know about the process and understand how to make the most of it.
Below, our real estate experts at RE/MAX Auction House share our top tips for buying a house at auction.
Secure pre-approval before you bid
Before you begin searching for a home via online auction, you should secure pre-approval for financing. This is because getting an approved home loan can be a lengthy undertaking. The application process, paperwork, credit checks, and other factors can extend the time it takes to secure a home loan.
Our biggest tip: account for the unknown and start the financing process as soon as possible. Planning ahead through pre-approval is much easier than falling behind when you find a listing you love.
RE/MAX Auction House has a 30-day window for payment. Though this is still some time, 30 days does not always account for unforeseen things that can hold up the financing process. Unless you’re a cash buyer, getting pre-approved for financing is key.
Related: The Benefits of Buying a House at Auction as a First-Time Buyer
Take advantage of technology
You don’t have to sit in front of your computer for the duration of the auction to stay in the loop! Along with bidding remotely through the auction platform BidWrangler, you can also set up convenient auction notifications sent straight to your mobile device.
Simply download our app for notifications about open houses, reminders for the auction timeline, and much more. It will even notify you when someone outbids you, so you can easily increase your bid to stay in the running. You can also set up maximum bids / escalation clauses to participate in the auction automatically.
Looking for more tips for buying a house at auction? Contact our team at RE/MAX Auction House!
Our team of real estate professionals has over 50 years of combined experience. We offer both traditional real estate listings and online auction listings, and we love providing our services for our buyers and sellers.
We’ve been proudly associated with RE/MAX for the last 37 years. RE/MAX Auction House is advancing the real estate industry through our online auction platform; we serve the greater Kansas City metropolitan area and surrounding regions.
For more information on our auction process for buyers, reach out to us online or at 816.741.0123. We can also help you get financing with one of our trusted mortgage lenders.