If you are unfamiliar with how auctions work, watch one of the TV shows where investors buy houses at auctions and flip them. The buyers almost always run into unforeseen problems that were not disclosed at the auction. Most auctions, as does AANTV, clearly state you are buying the property "as is." You need to do your homework. You will also get some tips as to setting a budget.
Realize , too, that apparently AANTV hires someone to make cosmetic changes only so that the house looks good on TV. So you may need to spend some money to bring the house up to your standards or even to code, if you are buying the house for yourself.
The likelyhood that you are bidding against investors who flip houses is very good, as well. Since most of them have set budgets, you may have to be willing to pay a little more than they will in order to get the house.
Do you need a real estate agent? That is entirely up to you, but you will need to pay a commission on top of closing costs and the purchase price of the house. At least, you should probably hire a local (to where you are buying) attorney, someone that is looking out for your interests. Do this before buying the house! Especially if you are out-of-state!
Buying a house at an be a great way to save money on a home. You just have to be smart about it!
Florida a a very hot humid State. Homes that have been uninhabited for any length of time in this heat are going to become prone to have mold problems and insect infestations. Not to mention the clowns that
may have squatted in them while they were abandoned.
Folks are paying way too much for these homes sight unseen. I watch these auctions and feel very sorry for the buyers. I know that they haven't even gone to Trulia or Zillow to just compare prices, because if the did they'd know straight away what the homes are really worth. And lastly never purchase a home without a visual inspection and if possible get a professional home inspector to inspect it for you.
Your situation is all the reasons why in the world people are better served working directly with a Seasoned and Experienced Professional like a Real Estate Agent when buying a home than picking around an auction site to buy a house.
BUYER BEWARE- is an age old saying. Many people get lured into these Auctions to get the deal of a life time. So perhaps your purchase price after fixing the property will still be a great deal. That is what you should have done prior to making a bid. Knowing what you were getting yourself into.
I just got a property under contract for a client through an on line auction system. BUT, you have to be a licensed agent to make bids on that system. My buyer is fully protected and has complete inspection ability and right to cancel.
I would suggest you consult a Real Estate Attorney in the area to assist you in getting out of or minimizing the situation you now have made for yourself.
bad END OF THE DEAL WHEN I STARTED CALLING THE SECOND THE ITEM CAME ONTO THE TV AND AFTER OVER 15 MINUTES SOME ONE ANSWERED AND TELLS ME TOO BAD YOU ARE NOT GETTING ONE WE SOLD OUT AFTER WASTING OVER 15 MINUTES OF MY TIME THEY DID THIS TO A LONG TIME CUSTOMER REALLY . I FOR ONE HOPE PEOPLE STOP WASTING THEIR HARD EARNED MONEY BUYING CRAP FROM THEM . tHE COMPANY IS A SCAM AND A RIPP OFF THEY crap ON THEIR CUSTOMERS AND THEN TAKE YOUR MONEY AND crapped ON YOU AGAIN. tHIS IS A SCAMMERS COMPANY AND THEIR ITEMS ARE NOT GOOD IT IS ALL crap
Beware of big buddy ROB.
They don't just scam and rip off customers... but they don't give a flying damn about their employees either. Jerimiah is a tyrant. Most of the employees ( Not all) are druggies and come to work stoned. NEVER EVER Settle for the price on the screen if you see something you like. their building is a old bank with bullet holes in the windows and the place is so dusty and dirty all the time.
Unfortunately, there are countless vendors selling 'vapors' to real estate professionals whose business plan is 'direct billing." Once they have the credit card number, the business plan is to delay until the trial period expires. IT is shameful. Dragging these companies into the sunlight should be every consumers responsibility. Here in the world of agent politeness, playing patty-cake with these folks seems more acceptable than exposing them.
One responder on this thread stated, he buys coins on line because he know coins and can spot the predators who are selling vapor.
it befuddles me (not as hard to do as you might think) that anyone would buy REAL ESTATE from the TV and never ever see it. Even a expert real estate professional would NOT do that. Purchasing real estate is complex and can be a costly mistake when blundering through the process. I don't know if the VICTIM here deserves empathy. How many red flags were ignored in this action?
I know, the TV folks make it seem GUARANTEED. It is this 'smoke' that compels folks to flush their dollars when attempting to sell DIY or FSBO. Week after week after week, citizens add to their cost of selling by wasting their money because of TV promises.
It seems some folks are simply destined to be separated from their money. Are we to feel bad about this? If they didn't lose it this way, they will find another....such as RTO or lease/option.
Think of the long list of clearly stupid things people do, then cry about the consequence.
Our cry, regarding this question, only pertains to the suggestion injected by the questioner, that the real estate community is in any way connected to this. After all, he is asking real estate professional, NOT A PSYCHOLOGIST, for a solution or direction. We, feeling betrayed by association, want to be out raged. Seriously, attempting to buy real estate, on TV, and giving your credit card number.....you need to be calling a PSYCHOLOGIST! You problems are deeper and more complex than can be delt with on a Q & A session on the internet.
We went to Fla. We Live in Wash State two days prior to close to find that they had installed one air conditioner that was 15 years old and the other was older than that.They did not pull any permits and the water system that they showed on the walk thru was full of trash and they knew this at the time of the show. they turned on water in the sinks but the traps were not installed so the water had to run on the floor. If there are other peoople that have been taken by the dishonesty of these people maybe there should be a class action suit.