Anybody ever bought a house from an online auction? If so any pointers on how to win the bid? I am thinking about trying to buy a house I saw on one of those auctions.

A friend does inspections for people for online house auctions and he always said make sure you inspect it first, because they can take some really good photos that wont show the bad parts.

Bob Iowa that’s good advice and I did check it out already. I am a licensed home inspector and have 27 years HVACR experience and 15 years experience in home building.

They shouldn’t be able to get much over you then, the only other thing I’ve learned from online ag auctions, is know what fees you have to pay, I learned this the hard way.

Bob yes that’s also good advice. I sent the auction site fees and closing information to my lawyer and he had done them before and as the auction information said about paying a 5% fee of the sale price or minimum $2500 fee which ever was greater. Hopefully I have covered my bases but I really value the advice I receive from trapperman. My lawyer advised me not to bid until the last hour of the auction as not create a long drawn out bidding war which is is the interest of the auctioneer.

I have bought several houses from online auctions. All of the ones I have been in have a soft close to keep someone from making a last second bid so make sure you can watch the close.

Just josh I did see that they extend the auction if a bid is received in the last minute. They extend another five minutes.

A good friend of my does home and property auctions and does well on them thought about selling a rental property through him. The first questions was what is wrong with the home? He said most on line auctions are properties that have some real issues and banks wont loan on them and its a cash deal. He said the other situation is foreclosures. He said unless you really need the cash quick sell through a realtor or yourself and save the fee.