Consumption and Real Estate
Can a non-investor purchase a home through an auction?
Question : Can a non-investor purchase a home through an auction?
There are a few homes being auctioned off soon. The documents provided seems like it has no protection for potential buyers that are just the regular Joe that just want a home to live in.
Is it typical for an investor to win on a bid over the regular joe?
home buyers protection
Best answer:
Answer by bundygil
Of course you can purchase a home through auction. Just make sure you have your loan approved as once the hammer falls on your bid, it’s yours.
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#2 written by Jerrold J 1 year ago
A non-investor can NOT buy a house at auction. This is because everybody who buys a house IS an “investor”. You are investing money into the house and if you live in it or rent it out; the bottomline is that you HAVE invested funds towards the purchase of that property.
This is EXACTLY where the current market problems are created; by people THINKING that they were buying a “home” and FAILING to realize that this WAS a MAJOR “INVESTMENT”
It does NOT matter what your intent is; ANY TIME you spend thousands of dollars it IS an INVESTMENT and you NEED to understand ALL the details of the purchase. -
#3 written by h4nn2000 1 year ago
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Investors are regular Joe’s. Normal people, just like you.
Usually the banks win the auctions, the lending bank will have a reserve bid in there.