Making the dream of homeownership come true is becoming more expensive every day. Buyers must consider all available options to save money, including buying a home at auction in TN. Before proceeding, it is highly advisable to learn about the time, costs, and process involved in a successful bid. Beginners in the world of auctions should consider consulting with a professional investor, trusted family member, or friend with a great deal of experience in auctions.
Read on as we explore five things you should know about buying a home at auction in TN and why buying from Memphis Home Buyers is a better choice.
No Inspection
One of the things you should know about buying a home at auction in TN is that nearly all are for the property as-is, meaning there is no inspection permitted before your bid. You should also remember that what may seem like a bargain on paper often leads down the path of financial ruin when the new owners discover the need for significant repairs that lead to unexpected expenses. However, you can rest assured you are making a sound investment when you make the better choice of buying a home from Memphis Home Buyers.
No Assurance
There’s no assurance that the title will be clear, which is a crucial thing you should know about buying a home at auction in TN. You could be financially responsible for any existing lien or back taxes on the property. Buying directly from Memphis Home Buyers is a better choice; you can rest easy knowing the title is free and clear.
Bring Cash
To purchase a home at auction in TN, you must be prepared to make an earnest money deposit of 5-15% of the sale price within 24 hours of winning the bid. This deposit must be made with a cashier’s check, so it’s essential to have the funds readily available before the auction. It’s important to note that some auctions may allow for time to acquire a mortgage, but it’s always best to have your financing options in order before placing any bids.
However, buying a home from Memphis Home Buyers is a smarter and more convenient option. We offer a wide selection of homes in every price range, allowing you to find your dream home without the hassle and uncertainty of an auction. Our team of real estate professionals will work with you every step of the way to ensure a smooth and seamless buying process. We provide comprehensive services, including property inspections, title searches, and financing options, making the home buying process stress-free and straightforward. With Memphis Home Buyers, you can be confident that you’re making a wise investment in your future home.
Emotional Escalation
It’s important to keep in mind that emotionally charged bids are common at home auctions in TN. Therefore, it’s crucial to go into the auction with a clear understanding of your financial situation and set a maximum bid limit that you’re comfortable with. It’s essential to stick to your limit, even if bidding becomes competitive, to avoid overpaying for a property.
On the other hand, buying directly from Memphis Home Buyers offers many benefits, including the assurance that you’re paying a fair price for your new home. We have a team of experienced real estate professionals who can provide you with accurate and reliable market information to help you make an informed decision. We also offer a range of properties at various price points, ensuring that you can find a home that fits your budget and meets your needs. Additionally, we offer a transparent and straightforward buying process, so you can feel confident that you’re getting a fair deal without the stress and uncertainty of an auction. So why take a risk with an emotionally charged auction when you can buy from Memphis Home Buyers and be assured of a fair and stress-free buying experience?
Proof of Funds
After the sale, an important thing you should know about buying a home at auction in TN is that you’ll need to provide proof of the funds or documentation of your financing. Again, buying from Memphis Home Buyers is a better choice because our professional investors can help you explore all types of financing options for which you may qualify.
If you would like to learn more about the things you should know about buying a home at auction in TN and why buying from Memphis Home Buyers is a better choice, reach out to us today for a no-obligation consultation. Don’t forget to ask about our current inventory of the best homes available in TN. If your dream home isn’t on our list, why not let Memphis Home Buyers help you find a home, negotiate for a fair price, and save time and money?
At Memphis Home Buyers, our professional investors are passionate about working to improve the lives of our neighbors by helping them achieve homeownership. At Memphis Home Buyers, our professional investors and our entire team are proud of the work we do every day redeveloping neighborhoods, one home at a time. Our goal at Memphis Home Buyers is for you to feel good about the deal long after closing. Call Memphis Home Buyers at (901) 828-8419.