Many people go to property auctions to find the home of their dreams. In many cases, the buyer can save thousands of dollars by bidding and winning at an auction. Before trying to find a home at Property Auctions in Woodward Oklahoma, there are a few things that they should know.
Research the Property and the Neighborhood
Before the auction, the individual should make sure that the home will be worth the investment. First, they should check the prices of similar homes in the same neighborhood. If the auction house is allowing potential buyers to perform a pre-auction inspection, they should take advantage of it. If the individual walks through the home with a contractor, they can find out how much it would cost to make the necessary repairs. If there is no pre-auction inspection, the individual should look around the outside of the house to check the condition of the foundation, the roof, and the windows.
Pre-Qualify For a Mortgage
Before going to the auction, the individual should set their maximum bidding amount. When they have figured out how much they can afford, they will need to get pre-qualified for a mortgage for that amount. This will ensure that the buyer has enough money to cover the cost of the home should they place the winning bid.
Obtain a Bank Check
Before going to the auction, the individual would need to go to the bank an obtain a bank check. The amount should be enough to cover the deposit on the property. Typically, the amount is 5 percent of the winning bid.
Bring the Necessary Documents
On the day of the auction, the individual needs to bring the necessary documents. First, they should bring a photo of the property that they are bidding on. If multiple properties are up for auction, the photo will ensure that they are bidding on the right property. They are also going to need proof of their mortgage prequalification, a photo ID, and their bank check.
If a person has never been to Property Auctions in Woodward Oklahoma, they should know what to expect. If they prepare ahead of time and bring the necessary documents, they will be all set if they place the winning bids. For more information, contact Wiggins Auctioneers LLC. You can also visit them on Google My Business.