i want to attend a home auction and buy the house there, but how high should i bid on the property if starting

Question

bid is 279000. thanks

Answer 1

Let's see ($279,000 X 1.237) + (your age) - (how long you've lived in your current home) = Amount to Bid

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You could actually figure out how much the house is actually WORTH.

Answer 2

Just bid $1 more over anyone elses bid. When it gets down to going once, going twice, then bid $1 more (if you are still willing to buy at whatever price it's up to). Just wait for the "going twice" to say anything.

Usually you pay 10% down and balance in 10-30 days depending on the auction terms just so you'll know.

Good idea to check the tax value on this property to see if starting bid is at or below that price. Access the info online at county tax collector's office.

Good luck to you!

Answer 3

The important thing is NOT, what it started at, but based on the building and comparable values in the area it is worth. That you have to determine before putting in the first bid, as the starting bid may be higher than what the property is worth!

Answer 4

Bid as how as you can afford to pay! For example, you are prequalified for $300,000 and can only afford to pay that amount at a decent interest rate. Go to the below website to use a mortgage calculator to see what you can afford to spend. But if you can afford over $300,000 go for it but set a realistic number/stop bidding number to go off of and you will be fine.