Home prices went down when the housing crisis started causing frantic homeowners wanting to sell their house quickly at any price just to get out from mortgages that they can no longer pay. Some homeowners go through property auction to quickly sell their house and if you are an investor, you may find affordable and great deals in auctions. Here are a few tips that you can use to win a bidding war at property auctions.
* Put your money in a binder. Binders usually start around $1,000 but if you put a higher amount like $5,000-$7,000, it will show that you are a much more serious bidder.
* Remove mortgage contingencies or shorten them.
* Agree to close at the seller’s convenience. This will not cost anything and is easy and beneficial for the seller.
* Outbid the other bidders by beating any competing offer by $1,000 up to a certain amount of which you cannot go over. But if money is an issue for you, then you may not want to engage in this tactic.