Buying a property through a realtor is an easy job since he does all the groundwork and you can say a Yes or a No. Nowadays good properties are being sold at auctions and it would be stupid to not participate and facilitate through these auctions. The thought of auctions does make people uncomfortable since they fear they may bid too high or buy the wrong or defected product. But now that attending a property auction has become a bit necessary you must know about the few tips you can follow which will help you get through. You can visit the best real estate blogs before going to know about what’s happening and if you are a seller it is best that you delete facebook reviews because people do check those.

1)    Sign up: The question of when exactly to attend an auction can be answered simply by help. Many of the websites allow you to sign up asking you for your ZIP code and your price range and whenever the property that matches your requirement is registered for auction they will send you an email and you can start preparing for going to an auction.

2)    Know the market: It is important that before you go for an auction you know the market really well so that you can bid accordingly. It is very common that the sellers make fool out of buyers using the fact that the buyer doesn’t know much about the market. Save your dignity and money by doing some homework.

3)    Specific auction: There is an option of registering to an auction if you want to bid on some property. If you find a property that interests you, you can get yourself registered so that you can then have information related to it prior to the auction day. This sounds like something small but helps a lot since you know more about the property before the auction day.

4)    Inspection: After you have registered you will find more information about the property which will include the address and the dates for the open houses held there. This information is mostly posted 30-45 days before the auction so that buyers can visit the property before the auction day. You can either go on one of the open houses or can schedule a private visit.

5)    Buyer’s premium: The auction companies charges a 5-10% buyer’s premium over the sale price for their own commission. Make sure you bid accordingly and bid such an amount you are ready to pay a buyer’s premium on.

6)    Deposit: The companies take a deposit depending on the price of the property you are to buy the deposit is returned in case the purchase doesn’t take place but when the deal is done the deposit will be used for buyer’s premium mostly.

7)    Rules: Rules are a very important part of this procedure so you must make sure to follow all. In case you fail to produce the required amount or any mishap regarding finance happens your deposit will be lost and you can be sued for the misconduct.