Real estate auctions are some of the best places to score great deals on investment opportunities—if you know what you are doing. Going in as a novice, however, is sure to get you in trouble.  Here’s what you should NEVER do when buying at a real estate auction:

Come ready to buy ONE property. When buying a home to live in you have to be very selective, but when you are at an auction being interested in only one property guarantees frustration. Come prepared to bid on several properties and you’re likely to go home happy.

Inadequately inspect the properties.  You MUST take the time to thoroughly inspect any properties you plan to bid on. The best course of action is to take a contractor who is familiar with “rehabbing” properties and have him/her give you an estimate.

Use bad comparables. You can’t bid effectively if you don’t have a good idea of what the property is currently worth and what its potential worth is. Make sure the comparables you are using are accurate matches.

Bid at the first auction you attend. Attending an auction as an observer first is an absolute MUST. Go to one or two auctions with an experienced investor or realtor who knows how to work the sale and get as many tips as you can.

Real estate auctions are great opportunities, but only if you do them right!

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