A personal anecdote:
My wife and I, who have been in the real estate business combined 20 years, found out about a great home in our area going to auction. We wanted to personally purchase the home, and started doing our homework. Using all of our resources and putting in several days worth of work, we realized that the more we learned, the less we knew. We started out thinking it was a black and white deal, but quickly found out it was mostly a grey area. Standard inspection time and due diligence periods were non existent. Even my wife, who is an attorney as well as a broker, was not completely clear on the rules and regulations associated with auction.
I have faith in the residential purchase agreement contract. It has been written, and re-written, to protect the consumer. Purchasing a home should be done with caution and with help from inspectors, attorneys and licensed Realtors.
Jamison H. Blair
Team Blair Tahoe-Tahoe City