Home Buying in 47904>Question Details

peanut, Home Buyer in 46220

how to buy a home at auction?

Asked by peanut, 46220 Sat Apr 2, 2011

I am interested in a home that is going to auction off. How does one preceed with this? Can I use a realtor? If so, do I pay the fee to the realtor?
Thanks, Jene

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Depends on the terms of the auction , work with Realtor develop a plan where you are represented by an agent their fees are covered

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0 votes Thank Flag Link Sat Apr 2, 2011
Yes you can use a realtor, but should not have to. If you don't use a realtor you can escape the fees, don't forget you are probably buying the home "as is"...There can be fees associated with the auction process, they should always be in writing....
Hope this helped.
0 votes Thank Flag Link Sat Apr 2, 2011
Are you speaking about a home that has been foreclosed, has been on the market and is now being auctioned off? If so, the auction company usual pays your agent 1 percent of the sale price - if you preregister your agent prior to the auction. There is often a buyers premium of 5 percent on top of the sale price. This money is to pay your agent as well as the costs of the auction company.
0 votes Thank Flag Link Sat Apr 2, 2011
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