buying property at auction

Gerald’s Real Estate Tip of the – Week of 11/29/16

Be very careful if you participate in a real estate auction. Auctions encourage impulsive behavior and at most auctions there’s usually someone dumb enough to pay too much for a property– better to let that person win. No one ever got rich paying too much for something!

Trick Banks Use to Make You Overpay for Property

Q: I’m going to the sheriff sale auction to see if I can buy an investment property on the cheap. Any tips you can give me? Calvin, Montclair, NJ A: Good question, Calvin. You have to be very careful at auctions because there’s usually at least one person at an auction dumb enough to pay too much—you never want to compete with idiots–better to let them win. Auctions use the law of supply and demand to work in the bank’s favor at the sheriff sale. Their objective is to create an auction effect. An auction effect occurs when buyers get into a “gotta have it” mindset that can pressure them into paying more than they should. People at the auction […]

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