the auction is coming again....so rerunning the auction info

OK a brief over view of the auctions for all you real estate fans!

There are several auctions that come through the Victor Valley. REDC and Hudson & Marshall seem to be the most frequent. They can be worthwhile and fun - if you do your homework ahead of time. Though every auction is different, following are some general guidelines to help you prepare:

1. Preview the property! REPEAT! VIEW THE PROPERTY! DO Not bid on something you have not seen!

2. Read all the legal stuff online.

3. You can bring an agent to the auction. This will cost you NOTHING! It may help keep things going in the end. We get paid for trouble shooting and making your life less complicated.

4. Do your homework. Decide ahead of time what you are willing to spend on a property. Work with your agent to research the area (go over the comps nearby, look over other houses in the area, etc.)

5. Get your funding together, come with a pre-qual from a lender you choose. Some guidelines that deal with funding include:

a. You will most likely need a cashier check for $5000. This will be your deposit for the first $95K of bidding.

b. The auction will add 5% premium to your last bid.

c. You will need a personal check for 5% of anything you bid over $100K.

d. You will need a second cashiers check for $10K for any 2nd property you present the winning bid on.

e. NOTE!!!!!!!!!!! All bids are subject to seller approval. So if the seller is expecting to sell for $200K and you fall short of $200K and win the bid, they can not accept you offer and you will get your money back. It's like on e-bay when you win but you didn't meet the reserve price.

Read the contract VERY CAREFULLY! It is usually a mean nasty contact written to the sellers' advantage. If you win and the house won't make appraisal or meet some other condition set out by your lender and they won't lend on it. Too bad, so sad for you. Bye bye deposit. No joke! BEWARE! INSPECT! Be careful!

Please be 1000% sure before you go into this.

You can get a great deal, but it's not for the faint of heart, it is a risky way to buy a house.

So before you buy,

·1 Get an agent

·2 Look at the house

·3 Inpect the property thoroughly

·4 Have fun.


By the way....
you can check out the next REDC auction in Victorville Jan. 24.
Open houses Jan 3, 10 and 11.
Or call your favorite realtor (Hopefully that is me!) to see the houses.

Happy House Hunting!

Karen Sanchez

Hamilton Landon GMAC Real Estate

(760) 684-0250