Real Estate Auctions are you getting a deal?

In the last few weeks, in Myrtle Beach we have been seeing signs for great real estate auctions advertising properties for low, low prices but are these auctions really a steal of a buy. People going into auctions need to realize they are going into just that an auction. While the pretty billboard might have an attractive price, somewhere in fine print it will say that the price in big print is just the starting bid. So you will not get the property for that low of price. Instead you will be fighting with other bargain hunters raising the price every second. Also, don’t think just because you’re at an auction that it doesn’t mean you don’t have to pay a commission. In one recent auction buyers had to pay a 10% premium on the final price. Once you ad this in, it also makes that deal not look so great. In a lot of cases as well the auction is sold “as is” which means you will not be able to do a home inspection to find out any potential problems such as electrical wiring or water damaged. In the market today, there are deals everywhere, and sellers are needing to sell and are willing to work with buyers more and more. Instead of going to an auction for deal and not a property, why not go out with your agent and get a deal on the home of your dreams.