Real Estate Investing: 3 Insider Tips to Winning House, Land or Foreclosure Auctions

House, land and foreclosure auctions can be one of the most nerve-wracking ways to buy a property. However, if you prepare yourself with proven bidding tactics, auctions can be a great way to purchase your dream home at a competitive price.

If you’re in-it-to-win-it, familiarize yourself with these top three tips and tricks before attending a real estate auction.

Give The Right Impression

While you may not have control over what other bidders are willing to pay for a property, you do have some control over their perception of whether or not bidding against you is worthwhile. Come well-dressed and maintain a confident demeanour to give the appearance that you are a serious buyer, one whom ‘the other guy’ likely can’t out-bid.

To enhance this appearance, do not make an offer right away. Wait until the bids have reached approximate 80% of your maximum price and then join in, as it will knock out the bargain hunters. A big first bid can be intimidating to others, making them question whether they stand a chance against you. Following bids should be made quickly and confidently to send the message that you are the person who will be closing this deal.

If you are extremely anxious to place bids, consider hiring a professional bidder to do the work for you. A seasoned pro will be able to maintain their cool while placing bids strategically to maximize your chances of getting the property you want at the price you want.

Know Your Limit

Never go into an auction without knowing your absolute limit. If you are emotionally invested in the property it is best to write your limit somewhere on the inside of your hand, so that you are forced to remember it when you’re tempted to exceed it.

In terms of setting a limit, pick a figure that isn’t rounded. Many buyers will set limits such as $500k or $1.2 million, and will drop out after these round figures have been reached. If your limit is $515k or $1.25 million, you will have an extra cushion than may just barely outbid your rivals – and that’s all you need to win.

Ask The Hard Questions

Do your research beforehand and ask the auctioneer about the property’s flaws. Questioning whether the deck is up to code or whether there is still a possibility of road widening could make other bidders second guess the property and drop out before bidding has even begun.

Ready to blow the competition out of the water? Make sure you are completely prepared for an auction, contact me today – J.P. Cook – 602-320-4253.

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3935 E Rough Rider Road Phoenix, AZ 85050

$460,000

2 Beds

2 Baths

1,696 SqFt

Status Active

MLS # 6675020

Property Type Townhouse

Price Type --

The seller's motivation is reflected in the $15,000 dollar price drop! Bldg 13 - Great corner unit that offers more outside living space and windows with the wonderful Desert Ridge location. Extra storage in garage, freshly painted and ready for the new owner! Great for full time or lock & leave resort living.

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2682 N 158th Drive Goodyear, AZ 85395

$460,000

2 Beds

2 Baths

1,824 SqFt

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MLS # 6665928

Property Type Single Family Residence

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Now here's a really nice home, situated on a cul-de-sac lot, and priced to sell. This is the ever-popular Newport model offering: 2 bedrooms, 2 baths, office, open concept living and more. The main suite is spacious with roomy bath and built-ins in the closet. All tile floors thru-out. The lot is connected to common area, so there's no walls to make you feel closed in. This is a well-cared for home that will be sure to please.

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21647 N Mozart Court Sun City West, AZ 85375

$460,000

3 Beds

2.5 Baths

2,507 SqFt

Status Active

MLS # 6668285

Property Type Single Family Residence

Price Type --

Enjoy the good life in this San Manuel model home located on an 18,451 sq ft Cul de Sac lot with 3 bedrooms & 2 1/2 baths. Newly painted exterior with a gated front courtyard. The expansive living/dining room has high ceilings, + large family room with ample built-ins, in addition to travertine & wood flooring throughout. The large primary suite features two walk-in closets, dressing area & the bath has a recently renovated walk-in shower. Guest bedrooms are on the other side of the house along with a full bath. The kitchen a R.O. water system and recessed ceiling lights. Inside laundry room + whole home water filtration system. The huge 2 ½ car garage has built in storage. There is also a spacious Sunroom. The home has Solar power with a fixed $159.23 monthly, assumable lease.

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648 E Cottontail Run Cottonwood, AZ 86326

$460,000

2 Beds

2 Baths

1,800 SqFt

Status Active

MLS # 6668849

Property Type Single Family Residence

Price Type --

2bedroom 2bath home with remodeled kitchen granite countertops, flat top stove, trash compactor, dishwasher, sink and faucet new can lighting. New flooring in living room , dining room. and kitchen. Bedrooms have new carpet. Both bathroom have been updated with flooring, medicine cabinets, mirrors, vanities, sinks and faucet. ceiling fans throughout rooms. Home has two bonus room and basement. 2 car garage .

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