Buyers should always come to the auction financially prepared to buy the house, and some money is due the day of the auction if you're the winning bidder. This money is a buyers premium, which varies from brokerage to brokerage, but is always stated in any advertisements.
This is also a benefit to the person selling the property, because it saves them from paying broker commission.
Homes at auction are sold " as is, where is, with not warranty or guarantee" . Which means that what you see, or not see, is what you will get. Liens and various other issues could possibly exist with the title so it is important to do your do diligence before purchasing at house at auction.
There are various reasons why houses sell at auction. The state can seize property for back taxes, divorces, bankruptcies, probate, or people who just need to dispose of property are good examples. Sometimes, depending on the rate of the buyers premium, these homes can be acquired for a fraction of market value.
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