Is it safe to buy an auction property? Please advice

Asked by Joyce, Northwest Torrance, Torrance, CA Tue Jan 4, 2011

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3
Gail Mercedes…, Agent, Beverly Hills, CA
Mon Nov 11, 2013
Joyce,

Review all procedures at auction.

Gail Mercedes Cole
310.853.9933
0 votes
Adrian Hunti…, Agent, SAN FRANCISCO, CA
Tue Jan 4, 2011
Joyce,

Is this a trustee sale? If it is then you need to pull the Preliminary Title Report from a local Title Company, to make sure there are not any current liens on the property. It is also wise to call the city to get a list of any permits pulled. Check to see that taxes are current, electricity, water, and trash service have been paid. If you are buying an REO property at auction, then make sure that you preview the property before the auction. You are buying "As Is" with no inspection contingency. I also recommend you visit the properties with a licensed contractor. He, or she can help you determine the true picture. On the flipside the added risk of buying a property at auction can lead to a great deal.

Best of Luck!
0 votes
Becky Johnson, Agent, Reno, NV
Tue Jan 4, 2011
Hello Joyce,
It is always advisable to do your due dilligence when buying an auction property. You should connect with a realtor in your area to help you with such a purchase, they can advise you on how to move through the transaction smoothly and get reputable inspectors to insure that your purchase is a good one. I would be happy to suggest a few in your area if you would like.
Thank you,
Becky Johnson
0 votes
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