Attending the Auction

7th in our series of 10 blogs about Foreclosure Auctions is Attending the Auction. Anyone who’s ever seen the episode of The Dick Van Dyke Show where they attended an auction knows that some interesting things can happen when people start bidding. Real life can be a little different, yet still very entertaining.

Obviously you want to come prepared. If you’ve read the 6 previous blogs, you know the kinds of things you will need to do in preparation, and the paperwork necessary in order to be a serious bidder in a foreclosure auction. A little advance work, and you can be a major contender in any auction. One of the most important things to keep in mind is that there will always be another auction. Not winning one auction shouldn’t make or break anyone. With that in mind, and a definite set of limits, bidding can be a very strategic and interesting diversion.

Try to discern how high your competing bidders will go. You can chat with people before the bidding takes place, and that might be a good time to size up the competition. Some people are there for the first time, and they will tend to be timid when bidding. There might be a land developer with deep pockets. It’s hard to say for sure, but having some idea of who you are bidding against can help you develop your strategy. Most of all, try to have some fun with it. Maybe you’ll get lucky and make a fortune from you investment.

If you are interested in more information on foreclosures and REOs in the Metro NY and Long Island area, you will want to attend the lst annual New York Foreclosure Showcase on October 12th, sponsored by foreclosure experts Island Advantage Realty LLC.

The advice and tips offered in this blog are intended to be solely informational and do not apply in all circumstances. Make sure that you consult a real estate professional, financial consultant, attorney or accountant before taking any action. For further information or questions please contact www.nyforeclosureshowcase.com