When most people picture how they will buy a Bainbridge Island house, they imagine visiting properties with their real estate agent, zeroing in on a suitable home in a neighborhood they like; making an offer; purchasing the home.
But there are also less straightforward ways to go about buying a Bainbridge Island house. One way people purchase houses today is at an auction. Homes usually go on auction because they have been foreclosed upon or have unpaid tax liens; but there are any number of possible reasons. For the buyer, a real estate auction presents an opportunity — but also hurdles to clear.
A first possible drawback can be a real showstopper: the relative difficulty of thoroughly checking out the home’s interior. When it proves impossible to inspect inside, some research about the neighborhood, the history of sales in the area, and even visiting other open houses in the neighborhood can give some feel for what comparable neighborhood homes are like.
Too, auctions on Bainbridge Island are usually geared toward cash buyers. In many cases, companies require you to register before you may join the bidding. As with car auctions, it’s almost always necessary to come prepared with cash (in the form of certified checks). Most auctions require the entire sum to be paid immediately, while others specify a set portion or amount. In short, Bainbridge Island real estate auction buyers need to have done their homework beforehand.
There can also be vagaries in timing. For any home buyer who needs to move in right away, an auction may not prove to be a feasible option. Especially with foreclosures, if the home is not vacant at the time of auction, the eviction process can turn into a lengthy court battle if the occupants are unwilling to leave.
Buying a home through a Bainbridge Island auction can be a great way to nab a home at a bargain basement price, but being aware of the complicating factors is a must. There are many ways to find the perfect home – and I’m here to help guide my clients through the choices that will work best for them.