Looking for opportunity in the Las Vegas Real Estate market? Auctions may be YOUR chance to get a great deal. Of course, not all auction properties are a good deal. What we like best about auctions is that more often than not, you can get a really great deal if you have the patience, flexibility and vision!
What do we mean by patience and flexibility? We're talking about having the ability to wait for the right property to come along and at the same time be ready jump on the right deal when it presents itself. Having money for a down payment and to pay your own closing costs will also increase your ability to obtain the best property possible. Here are some action steps you can take to get yourself auction ready:
- Have your funds in place. You should have your earnest money available in a bank account to easily wire when your bid is accepted.
- Secure a loan approval letter. If you are getting financing, you must have your loan approval letter from a trusted lender. If you need to get qualified you can contact our mortgage specialist with Nova Home Loans. They will help you determine home affordability and get you the documentation you need to submit your best bid in an auction.
- Work with an experienced real estate agent that has won auction bids. We have helped buyers secure homes through auction and we'd be happy to help you. There is no cost for our services to you. We are here to make sure your interests are protected and our services are free to you.
- Be prepared to pay anywhere from $2000 up to 5% of the sales price in a Buyer's Premium to the auction company. Example: $250,000 house could have a $12,500 Buyer Premium. This is paid at closing and it is not an upfront cost. This is the fee the auction company charges the buyer to purchase and process the auction sale. Different auction companies charge different fees. The most common fee is 5% of the sales price. Our goal is to get you a home below market value so that you're getting a great deal!
- When you've found the auction property you like, have the property inspected by your home inspector prior to placing your bid. Many auction companies expect that you've inspected the home prior to placing your bid, they may not allow an inspection contingency in their purchase contract.
The buyers that win big in auctions have something similar in common - they have vision! Vision involves being able to see the potential in a property when it doesn't look so wonderful at first sight. Many of the homes that are sold in auctions need work. They need some TLC. If you are a fix-it person or willing to hire someone to do home renovations, you'll really enjoy finding the right auction property for a great price and seeing the finished results.
Contact us today if you'd like to know more about auctions
Here's how one of our clients Won Big in a Summerlin auction...