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Each auctioneer will work it differently such as amount of deposit money needed, registration, time frame for closing.
Your best bet is to go to one and observe before you go to buy.
Keep in mind that sometimes you will go expecting to buy and it just gets bid up too high. The last one I went to started out that way when the people who were buying something for themselves jacked the price up. They were paying $14-$15K for 1/2 acres that after they left the investors were buying for $4-$5K. I got 4 at $4,750.
One tax deed sale I went to they were bidding it up as high as they were listed for in the MLS.
As Mike stated each auctioneer will work differently, many will have a premium over and above the final auction price. Many will be as much as 10%. At many auctions you will be required to have a sizable portion of the price deposited within 24 hours.
Do your due diligence prior to attending. Know what market price is and have a max bid in your mind. The auctioneer will work you to get the most money they can. That's their job
Hire a Realtor who has experience in buying at auction. Typically the seller will authorize payment from proceeds of the auction without costing the buyer. Again each auction will be treated differently, but even if you have to pay a 1 to 3% buyer broker fee, you should receive tremendous value for your investment.
I am an auctioneer who sells real estate at auction. Check also with the National Auctioneers Association: auctioneers.com
Thank you all for the information. Another question, how do you find out what property is up for auction and how do you get to see the property before you bid? I am specifically interested in PA and live on Long Island. I do know that they hold tax lien sales in the Fall but I would need to go see property before the sale to place a bid. How do I go about doing that? If I am interested in a particular community and want to see if there is tax property in there, how do I get to see it? I'm sure a realtor doesn't want to show me tax property when they can get top dollar for some more expensive properties.
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