Here are 4 steps you need to follow to be successful in bidding on homes at auction.
1. Arrive 30 minutes before the auction. This will give you an advantage in scoping out the competition. Sometimes you can get important information that was not available previously. Most importantly you won't be stressed by arriving late and having the wrong mindset when bidding.
2. Don't be psyched out if the group is large. Many times there are people just looking or have come from an investment seminar and are learning the ropes. Trust in your research and stick to your pre-planned strategy.
3. Have cashier checks in hand. You must have cash on hand to bid. A tip is to break these down into smaller checks so that you don't have to leave the whole amount upon winning the successful bid. Increments of $5000 to $10,000 work well.
4. Be careful you are not bidding on a jr lien. This has sunk many experienced investors by assuming they were bidding for a 1st trust deed or mortgage. Take care and confirm your facts.
1. Arrive 30 minutes before the auction. This will give you an advantage in scoping out the competition. Sometimes you can get important information that was not available previously. Most importantly you won't be stressed by arriving late and having the wrong mindset when bidding.
2. Don't be psyched out if the group is large. Many times there are people just looking or have come from an investment seminar and are learning the ropes. Trust in your research and stick to your pre-planned strategy.
3. Have cashier checks in hand. You must have cash on hand to bid. A tip is to break these down into smaller checks so that you don't have to leave the whole amount upon winning the successful bid. Increments of $5000 to $10,000 work well.
4. Be careful you are not bidding on a jr lien. This has sunk many experienced investors by assuming they were bidding for a 1st trust deed or mortgage. Take care and confirm your facts.
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