Someone that knows about the whole home buying business please help!!!!

Question

i really really like this house close to our neighborhood but i called and the lady said that it was in auction or was in auction can you please tell me the meaning of that!?

Answer 1

They probably are going to have an auction (maybe at the house, maybe at another location with possibly 100's of other houses) and sell the house there.  You can still put in an offer to buy the house before the auction, but you'd likely get a better price at the auction and those houses often sell below market value (often way below).  Anyhow, call the lady and ask her who is handling the auction and how to contact them.

Answer 2

Sometimes when homes are not selling, the realtor can arrange for a house to be sold at auction.  It is advertised and then auctioned off, usually at the home.  The seller has a right to have a "bottom" price so if that price is not reached, the seller does not have to sell the home.  If you are interested, be careful because the home may need quite a bit of work.  You should have the option to have an inspection before or after the auction to be sure what you are buying.  There is usually a time limit after the auction to get the inspection done.  Also make sure you have been approved for a mortgage or have cash.

Answer 3

Sure.  That means the house is in auction or ws in auction so thats the end of that. It is very  complicated.