A Guide to Winning St. Louis Online Real Estate Auctions
More and more St. Louis homes are being auctioned off, with an increasing amount being done online. However, St. Louis online real estate auctions can be overwhelming though if you are not prepared. Have no fear! Below are strategies can help you win at St. Louis online real estate auctions.
Look at the Property
You will want to start by looking at the property and doing your homework. If you can take a tour of the St. Louis home do it. If you are unable to go inside the home try the best you can to drive by and look at the outside. The outside of the home can provide plenty of insight in how well taken care of the inside is and what it might look like. Also look into any recent inspections of the home. If you are unable to get a sufficient amount of information about the condition of the home it may be smart to move on. It is important to remember St. Louis auction homes are generally sold “as is” so you want to make sure you purchase a good home.
Conditions are Important
You need to know the conditions of the auction before you get there. This can change how you will bid drastically. With some online real estate auctions you may need to offer a minimum amount while with others, this amount is not important.
Know Your Limitations
Knowing your limitations before getting to the auction will be very helpful and let you leave the auction more satisfied. This means that you have done your homework, you know what you are willing to offer, and you have a general sense of how much work that needs to be done to the home. Knowing this information and how much you will be able to get renting or reselling it will help ensure that you do not offer too much for the home.
Have Money Ready
You will need to have your funds ready whether you are paying in cash or financing the home. If you are taking out a loan, you will want to make sure you are already qualified. Make sure you know the interest rate, how much money you need to put down, and if an appraisal needs to be done before you can purchase the home.
Make a Bid
St. Louis online real estate auctions take all the contingencies out of your offer. The key difference between offers is the price. Offer more than others but remember to not offer more than the home is worth!
As with most things in life, success favors the prepared. Winning St. Louis online real estate auctions can be done when you are ready for what is coming. Following the above steps can help you go into the auction with more confidence and help you achieve more success.