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Buying a home at auction: HomeSearch.com

Homesearch.com may not be as well known as other real estate auction sites, but it’s a site where it’s possible to find a great bargain on a piece of property you may have never dreamed you could call your own. The site offers a multitude of properties including single family homes, condos, land, commercial properties, and more.

Homesearch.com has may foreclosed homes for sale from mortgage servicers such as Nationstar Mortgage.   You’ll find properties that are both vacant and occupied by the former owner.  Most of the time when you purchase an occupied home, you are responsible for legally regaining access to the property.  This may involve an eviction process or similar legal proceeding depending on your state’s laws.   Needless to say, when properties are sold occupied you do not have the ability to view the interior of the property prior to sale. 

How it works is that you register for the site, place a bid for the property you desire, and if your bid meets the reserve price, the property becomes yours if you win the auction. Each listing details the amount of time left in the auction, what the property is valued at, the current bid, and property details such as when the home was built, the size, and how many bedrooms and bathrooms it has. You’ll also have access to the name and licensing information of the listing agent, the broker, and the auctioneer. In addition, there will typically be a very small description of the property. Multiple photos are also available.

When it comes to buying real estate on homesearch.com, the properties are auctioned off as is, and they’re up for bid usually for around five days, however, might be re-listed if they don’t meet the reserve price. Whether it’s $3,000 or 3% of the total purchase price (whichever is greater), buyers are required to pay an “Earnest Money Deposit.” Buyers will also get a Special Warranty Deed or an equivalent. Note that all properties do not allow for financing. Some are cash only purchases, and will be detailed as such on each listing.

There’s an Upcoming Auction Events calendar available on the site so you can see what auctions are coming up and when they run. Click on “inventory” and you’ll be able to view all the properties in that bunch, along with details about each listing, including what the starting bid is for each piece of real estate. You can sign up for the auction “event” once registration is open, and receive email notifications about the listing.

If you’re in the market for a bargain-priced piece of real estate, check out homesearch.com to see if there are available properties you can keep for your own or use as an investment property.

 

Visit Homesearch.com’s Website

Author:  TJ-Google+

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