Buying an investment property in auction is an exciting endeavor. Yet, whether you are looking to rent and hold, fix and flip or purchase a home to live in, doing your research is key. The more information you have about REO residential and foreclosed properties before the auction, the greater your chances of making a smart investment.
Now, investors can gain a competitive edge to buying auction homes. Auction.com is proud to offer investors two new research tools, both found on the Property Details Page: interior access to some vacant, Bank-Owned and Newly Foreclosed properties and property inspection reports for many Newly Foreclosed properties and select Foreclosure properties. Both provide additional, in-depth information and transparency about the auction property and more importantly, greater peace of mind for you.
Interior access – Opens the door to potential investors
Having interior access offers potential property buyers an array of benefits. First and foremost, it allows you to see the condition of the property “up close and personal” – from the inside. You can quickly assess storage and closet space, bedroom sizes and any needed repairs. You can also check the condition of the carpet or flooring, electrical and plumbing, air conditioning/heating unit and any recent renovations, if applicable.
Remember, interior access is available to potential buyers with a licensed agent on many vacant, Bank-Owned (REO) and Newly Foreclosed properties. By having a better idea of the overall condition of the auction property, you can make a final “go” or “no go” decision to move forward with the bidding process.
Property Inspection Reports – Not available anywhere else
The other new feature provided by Auction.com – property inspection reports – can be easily accessed (and downloaded) online from the Property Details Page. These property inspection reports are uniquely provided by Auction.com for these homes and are not available anywhere else.
Property inspection reports provided by Auction.com offer lots of benefits to potential investors for many Newly Foreclosed properties and select Foreclosure properties.
First, they contain important property information, noted property damage, cost estimate of the damage (if applicable), whether or not the garage is attached, occupancy status, construction type and any negative influences about the property, such as located near high traffic roads, restaurants, gas stations or an apartment building.
Second, the property inspection report reveals important “vacant information” about unoccupied properties. For example, the date the property was vacated, whether or not the utilities are turned on, or if personal property is still on site. All good information for a potential property investor to know.
Third, the report will list important “maintenance information.” For example, if the locks were changed or if broken windows were replaced. Additionally, if the lawn was mowed and the height of the grass – again, things a new owner would want to know.
Additionally, there is a “comment” section that notes such things as, a “for sale” sign in the yard, debris that needs to be removed, a hole in the ceiling of the family room, and if the property is vacant or not – things that an out-of- town landlord would want to know.
Fourth, the property inspection report includes additional interior and exterior photos of the property, some of which may not appear on the Property Details Page on Auction.com. Additional photos give a potential investor more transparency about the condition of the property.
Remember, Auction.com property inspection reports are free to potential investors and available on select foreclosure auction properties.
With the addition of interior access and detailed auction property inspection reports, Auction.com continues to provide potential investors in Bank-Owned and Foreclosure properties with more transparency and peace of mind. As America’s #1 online real estate transaction marketplace, we urge you to take advantage of these new research tools before your next purchase.
Questions? Call our Buyer Engagement Team toll-free at 800.841.0607.
