How Do Real Estate Auctions Work? Buying a Home at Auction
Key takeaways Buying a home at auction may give you a lower price, but you could risk overpaying. Auctions are held online or in person, but you’ll need to show proof of funds in advance. Research the property in advance to identify red flags, such as liens or major repairs. The homebuying process involves a lot of steps; however, there are non-traditional ways you can buy a home. One of these options is buying a home at auction. Buying at auction can move faster than a traditional sale, but it also offers fewer protections for buyers. If you’ve never heard of buying a house at auction, this Redfin article will outline the process for you. We’ll answer your questions about how real estate auctions work and what to bring on auction day. Whether you’re considering a home in Pittsburgh, PA , or are house-hunting in Raleigh, NC , here’s how you can buy a house at auction. What is a real estate auction? A real estate auction is a public sale of a property, either by a homeowner...