Buying Real Estate at Colorado Auctions: Scope Out the Best Auction Property for You – Part 1
If you have not considered buying real estate at Colorado auctions, why? Is it the fear of the unknown? Just relax and ease into the auction methods. The interesting options found at real estate auctions may be the necessary ingredient to boost your investment success. So, prepare yourself for the auction adventure and you may find yourself enjoying the journey.
How to Prep for a Real Estate Auction
What is the best auction property for you? It must be the one where you make a smart bid. But before bidding at any real estate auction, please be informed and conduct due diligence. Get some professionals on board, such as a real estate agent and/or attorney. The Realtor can value the property so you have comps and make the best decisions. Your attorney can also help get you ready for closing and transfer.
Look Around for Colorado Auctions
Now sleuth around. Auctions happen regularly in Colorado. Some are private estate auctions; others are government auctions. Most of the local Colorado auctions will be advertised in the local papers and search online. Keep your eyes open. In SE Colorado, we have many rural areas where property owners choose auctions to market their properties online to buyers outside the area.
Get Comfortable with Auctions
The more comfortable you become, the smarter you will be when you find the property that fulfills your needs and purpose. Attend some real estate auctions. They will educate you better than a book. Find out how everything works here in Colorado. Take in a variety of events and note some details. How do they run? What are the financial requirements? What is the vibe? And, what kinds of properties go on the auction block?
Get Details on Interesting Properties
If the time comes for you to get more involved, study the brochures for any interesting properties. Note the particulars: parcel number, size, location, access, restrictions. Find out about the terms and conditions, minimum bid required, reserve information, type of title, property taxes due, when you could take possession, and the conditions of the sale. Then tour the property and contact your real estate agent and/or attorney to get their input.
To be continued in Part 2
Colorado Real Estate Auctions
The offices of Realtor/Auctioneer Gene Cruikshank and Cruikshank Realty are at 20 S. Main Street, Lamar, CO 81052. For more information about buying or selling homes, land, farms and ranches at Colorado auctions, please call at (719) 336-7802. Auctioneer Licensed in Colorado, Oklahoma, Kansas, and New Mexico.