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Have you ever purchased a house off auction?


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A lot of the time, houses are put up for sale by the government, bank, etc when they are foreclosed on, or payment can't be made. Have you ever purchased a house and or property from an auction like this? I almost purchased a house on auction once, but I backed out when I found out there was some damage to the property. But I do want to try it out again and see if I can get a good deal on a house. 

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No but my brother did. The issue with buying homes this way is they often don't come with inspections and you are bidding on an as-is house. Luckily for him, the house he bid on only needed minor repairs. It ended up being under 30k for everything but a lot of houses you bid on could cost well over 100k to repair. 

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I have not yet purchased any real estate from an auction. I have purchased real estate and waived all inspections, appraisals and everything else to land myself a decent deal. If you are able to buy anything low enough and comps for fixed up places in the area are high enough you can make a deal work. 

There is typically going to be damage to real estate purchased at auction or things not being marketed via the traditional channels. Creating value is fun and rewarding and is worth giving a try at least once. We conservative with your estimates and try to guess high as your first project you will most likely run over budget. 

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I think it would be cool to buy property through an auction. To be able to buy a house for cheaper. I don't mind having to make repairs and changes, that's not a problem. But I can't afford to buy a house just like that. So, I've been looking at auctions for livable houses, so I can buy one for myself and family. I haven't had much luck in recent years, but you can find a lot of other items through these auctions. 

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