For most people, a property is the single biggest investment that will be made over the course of a lifetime. Therefore, it presents quite the decision as well as the fact that it is where we are choosing to live for the next chapter of our lives. However, there are some people that are still unaware of the options that are available when buying a home. For example, have you ever considered a county auction?
Over the years, you may have heard of ‘auctions’ and these will see various and different items being sold in a bidding-type manner. With this in mind, county auctions are exactly the same except they look to sell tax deed properties in addition to foreclosure properties. As a buyer, you can visit the auction and benefit from the following;
Fast Process – Firstly, it should be noted that the process of landing a house is a lot quicker because you will own a property, as long as you have the highest bid, as soon as the hammer falls or bidding process is finished online. After 10 days (depending on the county) you will get a tax deed in your email.
Cheaper – Secondly, it makes sense to purchase at auctions because there is less competition and you will find cheaper properties. As long as you do your due diligence on the property beforehand, you will benefit from cheap prices because there is an increased risk and there will be less people interested in each house going up for sale. The main reason for less competition is that you have to have cash to buy the property and not many people have cash to close on a property.
Opportunity – If you have a creative eye, auctions are a great place to buy a property because many of the options will need a little love and care before they are ready to live in. If you find a property like this, you can spend a little money adding value before then living in it yourself or selling on for a tidy profit.
Level Playing Field – Rather than a first come, first served basis, everyone has a chance to make their bids and exit when they reach their maximum offer. Furthermore, all documentation will be made available to all including searches, title deeds, etc.
Instant Income – When visiting a county auction or bidding online, you will also find tenanted property up for sale which means that you will start to earn income from the moment you become the official owner. Suddenly, you will be receiving the rent when you become the owner which can save a lot of hassle if you are an investor.
As you can see, there are a number of benefits to choosing to buy foreclosed properties, tax deed properties, and more at a county auction. As long as you perform the relevant checks beforehand to ensure that you aren’t left with a poor investment, you could have your new home for a cheaper price within a quicker time period than ever before!