If you are looking to get into real estate investing for the first time, one way to get your foot in the door is to look into real estate auctions. There are some great opportunities out there for Wisconsin buyers when it comes to real estate auctions and the market is still considered a buyer’s market. Before you jump in feet first, however, there are some things that you should know about Wisconsin real estate auctions and how you can really benefit from them as an investor.
Your first step when you are interested in buying Wisconsin property through auction is to find a local real estate auctioneer , preferably one that holds an AARE designation. There are many great choices for auctioneers in Wisconsin and taking a look at their offerings can be a great way to be introduced to the world of real estate auctions. Many auctioneers will list their current and upcoming auctions online. You can take a look at these and you will likely notice that dates and times are usually listed on the site as well. Regardless of your level of interest in these properties, you should attend a few auctions before actually bidding so you will have a good idea of what goes on there.
Research will be extremely important when it comes to buying property at a real estate auction. Not only will you need to research the auction company, you will also need to research the property itself. You can get a lot of good information on properties by taking a trip to look at public records and many times you won’t even have to do that as the auction company will have this information available. Looking at paperwork and public records is one thing, but actually taking the time to drive to the property and taking a look at the home you may be interested in can really give you a good idea if the property is worth it or not. You can tell a lot about the condition of the home by the condition of the property. If a home owner isn’t willing to make the outside of the property look good, they likely have let the inside of the property suffer as well. This will be important to keep in mind when you make a bid.
When you have finally found a great property and attended a few real estate auctions to observe, it is time to participate yourself. Think about the property you have found and think about what you may want to bid for it. You will get some information on the home to help you decide such as the appraised value and the reserve price, if there is one. It is very important when you get to this stage that you have cash on hand as you may not even be able to participate in the auction if you don’t. Some areas will require you to have all the cash at the time of the sale, so make sure you understand the requirements of the auction, including cash, before jumping in and making the bid.