"One of these options is buying a home at auction. Buying at auction can move faster than a traditional sale, but it also offers fewer protections for buyers. If you've never heard of buying a house at auction, this Redfin article will outline the process for you. We'll answer your questions about how real estate auctions work and what to bring on auction day."
"A real estate auction is a public sale of a property, either by a homeowner, homebuilder, the government, or a bank. Properties are typically sold to the highest bidder, though some auctions allow sellers to reject bids below a certain price. The most common type of auction is of bank-owned properties, where the bank auctions a home instead of selling it as a foreclosure."
"Properties may be sold at a real estate auction for a variety of reasons, but these are the most common. Foreclosure: Lenders or banks may assume ownership of a property where the homeowner has defaulted on their loan. They may sell the home at auction to recoup the money they have already lost. Tax delinquency or other law violation: If someone fails to pay their taxes and owes the government a lot of money,"
Real estate auctions publicly sell properties on behalf of homeowners, banks, builders, or government entities. Auctions may be held online or in person and commonly require proof of funds before bidding. Common reasons for auction sales include foreclosure, tax delinquency or legal seizure, and estate sales. Bank-owned properties are often auctioned to recoup lender losses after default. Auctions can close faster than traditional sales but offer fewer buyer protections and greater risk of overpaying or inheriting liens and major repair needs. Thorough property research, title checks, and awareness of auction rules are essential before bidding.
Read at Redfin | Real Estate Tips for Home Buying, Selling & More
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