Nashville Auction Real Estate Agents
Looking to purchase a newly built home in Nashville? Allow our real estate experts to help you navigate the purchase of a Nashville real estate auction or the sale of your current residence. Your local REALTOR® has up-to-date information on the unique dynamics of the Nashville auction housing market.
ContactThe Ashton Real Estate Group of RE/MAX Advantage to learn more about buyer and seller representation. Interested in selling your home before purchasing a Nashville home at auction? Make use of our market analysis page to quickly receive a free home evaluation!
The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange Program of RealTracs Solutions. Real estate listings held by brokerage firms other than The Ashton Real Estate Group of RE/MAX Advantage are marked with the Internet Data Exchange Program logo or thumbnail logo and detailed information about them includes the name of the listing brokers.
Disclaimer: All information is believed to be accurate but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal.
Copyright 2022 RealTracs Solutions.
The Ashton Real Estate Group
We’re always looking for talented real estate agents to join our growing team. If you have an excellent knowledge of the Nashville Real Estate market and need extra business then we can help.
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Know Who Youre Bidding Against
Auctions can be prime opportunities for scoring a deal on a house because fewer people are competing for a property. But be forewarned: this competition is fierce. These auctions dont attract just first-time homebuyers. Youll also likely be in the bidding room with experienced real estate investors and other professionals in the housing industry.
Those who attend home auctions are extremely well informed, explains Ben Mizes, a licensed Realtor and real estate investor. They know the area and whats driving profits on real estate investments. Of course, new investors should give home auctions a try, but you need to understand who youre bidding against.
One way to get ahead of the competition is to research the real estate market in that area. Look into how many homes are selling for in the locality to determine where you should draw the line in terms of what you bid. A Realtor can help here.
Why Homes Are Sold At Online Auctions
You may be familiar with home auctions that happen in person, such as through a trustee’s sale or a sheriff’s sale online home auctions contain similar elements, except the bidding is conducted completely on the internet. Contrary to popular opinion, not every home at auction is the result of a foreclosure or legal seizure. Homes can end up for sale at an online auction in many ways.
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Check For Any Claims Liens And Occupants
Before you bid, youll want to hire a title search company to see who might hold liens against the property. As the owner, you will become responsible for any liens, which means more money out of your pocket.
There may be other claims against the homenot just tax liens but also contractor liens or a second mortgage. Bidders should check with the auction company to ensure that the property has a clear title. If you do win an auction, youll want to buy title insurance during escrow or immediately after closing to protect yourself against any liens not uncovered during the title search.
In some cases, the owner or a squatter will be occupying the property, and you will have to evict theman often-lengthy process that can be unpleasant at best and expensive at worst. It could be more advantageous simply to offer them several thousand dollars upfront to move out and hand over the keys.
Refrain from doing anything until you hold the title. Avoid the urge to start renovations or move into the property immediately after getting your certificate of sale. You will still need to wait up to 10 days or so to receive your certificate of title. The property is not actually yours until you hold that certificate the owner could still retain his or her right to the home by filing an objection to the sale with the court or by paying off the loan.
What Are The Advantages Of Buying A House At Auction
There have been countless books written and real estate workshops offered that extol the virtues of buying properties through the auction process, because it is possible to get a tremendous bargain.
Why? Because in the auction process, the lender is looking to cut their losses by recouping the balance due on the mortgage and their costs to foreclose. The same is true for municipalities with a tax lien in place. Their interest is in coming as close as possible to having the tax bill paid and their costs recouped.
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What If I Find The Home I Bought At Auction Is Simply Not Worth Renovating
Its simply not possible to know all that is wrong with a property before you purchase it, even if youve had the opportunity to conduct a thorough home inspection. If you purchased the property in your own name, as opposed to purchasing it as a business asset, youll be on the hook for upcoming property taxes, and refinancing wont happen.
And thats why real estate auctions are NOT a recommended way for inexperienced home buyers to purchase real estate.
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Buy Information Pack/ Due Diligence
Once registered, you need to do your due diligence before proceeding. To help you, each property has a Buyers Information Pack and we highly recommend that, as well as viewing the property, you also review the information contained within this pack fully, before bidding. Its also advisable to review the Buyers Information Pack with your solicitor.
Can I Get Help From A Real Estate Agent
You might, if you have a long-standing relationship with one. The problem is that real estate agents do not make commissions on auctioned properties. If you know an agent who is willing to help you anyway, they can pull comparables in the area, learn about the propertys history, and even help you get a preliminary title report.
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Risks To House Auction
In many cases, house auctioneers wont allow you to inspect a home before you bid on it. Its for sale as is. So if you win the bid, youre stuck with the property regardless of its condition.
Remember why these homes were foreclosed on in the first place. If the homeowners skipped their mortgage payments and/or property taxes, they probably neglected basic maintenance expenses as well. In some cases, they may have even intentionally done damage when they knew they were losing the home. Youll be on the hook for the cost of all those repairs when you get the house.
And even if you can tour a home before the auction, you can only see so much. Unless youre a skilled contractor or home appraiser, you may not know what to really look for. There could be severe problems behind the walls or under the floors. Again, youll have to shell out more money to fix these issues. And if utilities arent running, you wont detect any leaks, faulty electrical systems and other hazards.
You may even be responsible for expenses that dont have anything to do with the homes structure. The property may have claims or liens against it from any number of creditors. That burden shifts to you along with the keys to your new house. Of course, were covering some worst-case scenarios you should be aware of. There are ways you can win big on foreclosure auctions but you have to do it the right way.
What If I Can Buy The Home I Want By Paying Off Second Liens
If a homeowner has defaulted on a second lien, the first lien for the primary mortgage is probably not far behind. Your purchase will always be subordinate to the first lien, which could foreclose and wipe out all subordinate liens.
There are sophisticated investors who know how to make money in these situations, but unless youre one of them, you are best off forgetting you ever saw the listing.
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Buying A Home At A Foreclosure Auction
Planning on bidding at a foreclosure auction for the first time? Here’s how you can prepare.
Foreclosure auctions conducted on courthouse steps, in convention centers across the country and, increasingly, online can be intimidating. The trick to avoiding foreclosure auction pitfalls is to do your homework.
Where To Find House Auctions
One of the best ways to find a home auction is by looking through direct multiple listing services . These are county databases that offer a wealth of useful information about properties up for bid. You can find photos, occupancy status, leases and even details on any property defects. In essence, they can trim or eliminate some of the steps we listed above. However, each county sets its own rules and limits. In some cases, you may need a real estate license to access these.
You can also find listings online through sites like RealtyTrac. Online house auctions continue to grow in popularity, but the information here isnt always complete. For instance, a website may list a home that isnt officially foreclosed. The owner may be in the process of making up late payments or negotiating a deal with the lender. In this case, the listing can disappear as you bid for it.
Local real estate brokers may offer some guidance too. But this pool is small because most dont collect commissions from these auctions.
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Check For Claims Against The Property Before You Bid
As mentioned earlier, a property up for auction may have several liens against it. You can hire a title search company to run an investigation into these. It can also uncover if there are any ownership claims against the property. In the event that you win a bid, you may also want to take out title insurance soon after to protect yourself from anything the title company may have missed.
What Bidders Need To Know
Before bidding at a real estate auction, you should understand the risk you are taking. A bad purchase could haunt you for years. You also need to understand the auctions rules and be prepared to follow them before trying to participate.
You will have to register and submit a refundable deposit of 5% to 10% of the propertys expected selling price to the entity holding the auction. If the auction is in person, be sure to check in at least an hour before the scheduled start and obtain an official card, which you will raise when you are ready to bid.
Winning a property at auction can work in two different ways.
- In a lender confirmation auction, the lender does not have to accept your offer, even if you are the highest bidder.
- In an absolute auction, the winning bid gets the property.
The starting price of the auction may be the balance owed on the mortgage or a lower amount designed to spur bidding. In a foreclosure auction, the lender is not allowed to profit from the auction. Often, these properties are sold at a loss if there is a profit, it is supposed to go to the foreclosed homeowner after the mortgage and any other liens are paid. Auction properties are not always great dealsfor example, the auctioneer could set a hidden reserve price on a property, which is the minimum that must be bid.
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How Do Auctions Work
There are a variety of different auction companies, and every one of them has their own rules. Even within one auction company, there may be a variety of auctions being offered. They must also conform to the rules of the state and municipalities in which they are located. Make sure you understand the rules of the specific auction youre interested in before you bid.
Come With Cash To A House Auction
Once youve identified some properties with possibility, its time to get your cash ready. Each auction place, whether online or in-person, has its own rules and regulations, but generally speaking, you can expect to have to put down a chunk of change upfront.
Youll likely be required to pay a deposit of 5% to 10% of a homes projected value just to bid on it, says Mizes. While the deposit is refundable if you plan on bidding on more than one home, that adds up quickly.
Then if you win an auction, youll probably have to pay for the home in full with cash or cashiers check. Often you have to do this immediately or you have a short time span to do so. If you fail to pay in full, you can lose your deposit along with the property and face a ban from future auctions.
Additionally, you may be hit with fees. Property auctions involve more players than just the bidders and a bank, and these other people all have to be paid. Typically their fees fall to you, including the charge from the venue hosting the auction, attorneys and other entities involved with bringing the property to auction.
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Tips For Homebuyers On A Budget
- You can get help to determine what your budget should be for a new home and make sure you know how much you can afford. A financial advisor can help set you on the financial path toward owning a home and finding one doesnt have to be hard. SmartAssets free toolmatches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If youre ready to find an advisor who can help you achieve your financial goals, get started now.
- Its important to get a good sense of renovation costs before buying a fixer-upper. They tend to run over budget, so make sure you have enough funds to cover the bills.
- If house auctions arent for you, consider the many first-time homebuyer programs out there. Through them, people with small down payments or lower credit scores can get low-cost mortgages.
Welcome To Our Website
We specialize in buying and selling homes throughout Martin, St. Lucie and Palm Beach Counties! If you are a buyer or seller who lives in the area, or if you are looking to relocate to our area, we are happy to assist you! Real estate is one of the largest and most exciting investments one can make. We are here to make sure that your process is a smooth and rewarding one! We are specialists in our community and we would be happy to help you with all of your real estate needs!
Throughout our website you will find many useful tools to assist with buying or selling a home. We are dedicated to providing the finest service available, and our website can be a great resource for you to use for free! Make sure to bookmark our website for future use.
Are you looking to Buy a Home? We will take the time to listen to your needs and desires to help you find the home of your dreams. Please fill out our request forms so we can help you in detail!
Are you trying to Sell your Home? We are licensed Real Estate Specialists and are very experienced in Martin, St. Lucie and Palm Beach counties. We know our markets inside and out, and we will do our best to make sure you receive top dollar for your home!
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Property Condition And Inspections
A house could have all kinds of problemsremember, it used to belong to someone who couldnt afford the mortgage or the property taxes, so the owner probably could not afford any routine maintenance or repairs, either. Furthermore, once the loss of the home appeared inevitable, the owner may have intentionally neglected it or even seriously damaged it. Also, a vacant property may have been vandalized or occupied by squatters.
Assume that if the property looks terrible from the outside, it probably looks terrible on the inside. Auction properties are sold as is, and you will need to be able to afford any and all repairs. Tempting though it may be, you should not trespass to get a better idea of the propertys condition. You may have seen flippers on TV entering backyards, peering in or even climbing through windows, but doing so is illegal, and you definitely dont want to disturb anyone occupying the home, not only out of courtesy but also for your safety. Seek information about the propertys ownership history from local government records, talk to local real estate agents, and respectfully request information from neighbors.
Even if you can get a home inspection, that still has its limits. Problems behind walls, in ceilings, and under floors might not be apparent until you take possession. If the utilities are turned off, you may not be able to detect leaks, electrical problems, broken appliances, or malfunctioning HVAC equipment.
