home buyersWhen you’re getting ready to buy a house, you may consider the traditional methods of finding acceptable properties.

These could consist of driving around and checking out For Sale signs, reading through the classifieds and talking to local real estate agents.

However, did you know there’s a way you can buy a home without dealing with a real estate agent and do so in three hours or less?

Checking Out House Auctions

Now, this does take some preparation, but once you’ve prepared properly, this unique option can be quick and easy. Are you ready?

The term is: House Auction.

Don’t know what that is?

How Does It Work?

A house auction is usually planned by a real estate investor who flips homes and wants to sell them quickly without any loose ends. In order to do this, they send out notifications of a house auction to their mailing list and clients ahead of time. This allows their clients to obtain any letters of preapproval from their banks or come up with the cash to potentially make an offer.

Once the auction has been scheduled, which is usually on a weekend, it’s set for three to four hours at the most. Everyone who is interested in this property, after viewing the pictures and postings beforehand, shows up to either bid or look at it more closely. If they are going to buy this property, this is their only opportunity to do so.

Competition Between Homebuyers

This creates competition between interested buyers and that’s why having cash on hand is preferable to financing letters. If you can come up with it though, you’ll be able to make the seller more interested in your offer and potentially win the auction.

Sometimes these properties can be fixer-uppers but the real estate investor should have invested some money into it already. It will be in livable condition, but any renovations you want to make are on you. By paying the lower auction price, rather than the full potential list price when it’s on the market, you’ll be able to make these changes and save some money at the same time.

At the end of the auction, documents are signed between the real estate investor and the homebuyer and the deal is done. There may be a few minor details to work out after that date, but the majority of the deal is worked out right then and there.

Investing in Real Estate

If you’re a real estate investor yourself, then you may have attended a few of these. This is a great way to increase your house inventory and then turn around and rent them.

Either way, it’s not necessary to spend weeks looking over the current house market in order to purchase a home. If you attend one of these house auctions in your region, you may be able to consolidate all of that effort into a single three-hour block of time. How great would that be who wants to get into the real estate market without investing too much time?

Check out the listings in your area and make sure you check out the same kind of deals on OpenOffer.com. Negotiating a great price uses the same concepts and the site also teaches you how to prepare. Use these tips and find out what great real estate deals are waiting for you!

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This is filed under Home Buying.

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