| Auctions are being advertised on TV, radio, and in the | | | | Without inspections one could be making a large |
| newspaper. These auctions are selling foreclosed | | | | financial mistake. The last thing anyone wants to do is |
| homes that the banks could not sell by conventional | | | | buy a "money pit." |
| means. | | | | Remember too, just because a bid price is advertised |
| The banks provide one or two weekends... where the | | | | that does not mean the auction house will take a bid |
| house is held open for potential buyers to preview the | | | | that low. The auction house has the right to reject any |
| homes to be auctioned. Many times these "open | | | | offer, even those who come at the bid price. |
| houses" are referred to as inspection weekends. | | | | There are great opportunities in the current market, |
| These "inspection weekends" do not provide the | | | | whether buying a home for your personal use or an |
| buyers with a true opportunity to do inspections | | | | investment. Foreclosures and short sales are large part |
| (termite, property, roof, chimney etc) The power and | | | | of the market and can be a great investment. Due |
| water may be turned off, so even the most basic | | | | diligence and knowledge will save you money over the |
| tests can not be done. | | | | long run. Hire someone who has experience and is |
| These homes may have been sitting vacant for many | | | | looking out for your interest. In most areas, including in |
| months. When then were occupied the homeowners | | | | my market, the buyers agent is paid by the seller (this |
| were financially strained. Maintenance is usually put on | | | | includes bank owned homes). |
| hold when finances are tight. | | | | |