Five Rules for Buying a Bank- And Builder-Owned Home at Auction
"Auctions of bank-and builder-owned homes are an alternative to the
traditional way of purchasing a home and represent a potentially bigger
opportunity to get a bargain -- if buyers come prepared to win," said Ross
Dove, President of Zetabid Auction Services and a lifelong auctioneer. "Buyers
who educate themselves and properly prepare have a greater likelihood of
getting the home they've always wanted at an even better price."
With foreclosures and unsold housing inventory at all-time highs,
consumers have a unique opportunity at auctions of bank- and builder-owned
homes if they follow these five golden rules:
1. Do your homework. Identify the houses you're interested in buying.
Go online to places like www.zetabid.com and search to see the inventory of
homes to be sold. Buyers can search by community, number of bedrooms and
price.
2. Visit the properties in advance. It's critical to view the homes
first. Some properties to be auctioned have open houses, so you can walk
through the homes to get a feel for them. Because homes are sold "as is," it's
critical to be comfortable beforehand with any property you may wind up
owning.
3. Make a short list. After seeing the homes, whittle down the list to
only those you really want. It's possible your first or second choice may be
gone. Be financially and emotionally prepared to move on to your next one -
or be ready to walk away.
4. Make a game plan - and keep to it. Decide in advance how much you are
willing to pay. Don't go over budget, and don't buy on impulse. At Zetabid,
you can bring your real estate agent, who can assist you during the bidding
process.
5. Get to the auction early - and bring your checkbook. If you're not
registered online in advance, you'll need to do so in-person the day of the
event. It's important to get there ahead of time to get comfortable. If
you're the winning bidder, you'll need to write a check for a 5% downpayment.
The rest is due in 30 days.
"Because auctions of bank- and builder-owned homes are now more accessible
to consumers, it's easier than you think to walk away with a quality home in a
quality neighborhood," Dove said. "The key is doing your homework in advance
and understanding the rules of the game. With housing prices down, there's no
better time to go to an auction and buy the home you want."
Zetabid is auctioning more than 250 homes at the Ontario Convention Center
in Ontario, California the weekend of Sept. 27-28, 2008. The auction is free
and open to the public. The bidding starts at 10 a.m., and bidders are
encouraged to register in advance at www.zetabid.com.
About Zetabid
Zetabid makes it easy and convenient for consumers to purchase bank- and
builder-owned homes at Zetabid's public auctions. A venture of the Los
Angeles Times Media Group, GoIndustry-DoveBid and CataList Homes, Zetabid
expands access to the inventory of residential properties sold at auction and
opens up the market to U.S. and international buyers. Zetabid offers the
widest reach and greatest awareness of auction inventory through its national
network of print, broadcast and online partners. For more information, visit
www.zetabid.com or call 888.4-ZETABID (888.493.8224).
SOURCE Zetabid