How to Buy a House at Auction

Video Transcript

"Hello, my name is Penny Smith. I'm a North Carolina real estate agent broker. And I'd like to talk to you today about how to buy a house at an auction. When houses go up for auction there are many reasons, one of the reasons could be that it's an estate sale and the family just doesn't want to go through the long drawn out process of finding and selling it traditionally. So when they put it up for auction, typically you are required to bring a letter that you are loan approved. It also says that they will make no repairs to that house, so you are buying that house as is. I highly recommend that you use a mortgage broker to get your loan approval and then use a real estate agent to represent you while you are trying to purchase that house. That real estate agent will go in and do the homework of researching what flood area plain it's in and also if that house has any tax liens. That agent can also find if that house has a clean, cleared general warranty deed that can be transferred to you. I highly recommend a real estate agent to do all of that work for you so that you can just enjoy the process of buying your American dream. That is how you would go about buying a house at an auction. Thank you and I hope you have a good day!"