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Whlie buying a house at auction looks like a great money-saver, beware of the pitfalls that can end up costing you more than you bargained for. Here are some things to keep in mind:     

  • Bidding at an auction entails competing with experienced people.    
  • Payment is often made in cash.    
  • Inspect and verfiy title status, quickly. This means working with a reliable title company.
  • Buying at auction entails paying any liens, foreclosure or pre-existing mortgage expenses in full.

Are you ready to buy a house at auction? If so, here's what to do:     

  • Set up a mortgage plan before attending an auction, that is, get preapproved. You usually have between two weeks and 30 days after your bid is accepted to pay.    
  • Look for auctions in your area. Check the classified ads, look up auctioneers in the Yellow Pages or search online. Check www.auctioneers.org, www.onerealtorplace.com or www.auctionweb.com for lists of auctions and auctioneers.    
  • Get a list of houses being auctioned from the auctioneer and pick which houses you're interested in.    
  • Hire a real estate inspector to do the inspection. You must arrange an inspection date with the auctioneer. This is a critical step because you need to be apprised of any defects or problems before bidding on a particular house.    
  • Make sure that the title for the house is free and clear, again, work with a reliable title company.
  • Decide the maximum amount you want to bid, before going to the auction. Make that amount firm in your mind, so that you don't get caught up in the excitement of the moment and end up overbidding. Once your bid is accepted you are legally obligated to pay it.

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Mega Title, LLC

721 Route 34, Suite 3
Matawan, NJ 07747
Phone: 732-242-9835
Toll Free: 877-550-MEGA
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Testimonials

  • Samah and her team at Mega Title were efficient and professional in
    handling our refinance closing. I had used them in a prior refinance
    and was so impressed with the attention to detail that I came back
    this time again. They are accomodating to your schedule, meet the
    deadlines so they don't waste your time and most of all treat you as
    if you are their most important customer at all times. I couldn't ask
    for better service - they took care of everything. Just had to show
    up and sign.
  • As a real estate attorney, I have dealt with numerous title companies.
  • I recently refinanced my home. Mega Title really made my life much easier.
  • I really appreciated the excellent service and caring attitude during my refinance.
  • I can't express how impressed I am with your customer service!

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