Whether due to foreclosure or simply needing to sell property, real estate auctions are a common and streamlined way to buy or sell land. At Dakil, our real estate auctions are open to the public, but we encourage thorough research before placing a bid. While the prices of real estate sold at auction can often be lower (especially in foreclosure), placing a bid should be taken just as seriously as if you were searching for a home the traditional way.
Purchasing real estate is a large, long-term commitment, so it’s important to thoroughly research the property you are interested in. Knowing approximately how much the property is worth, the potential resale value, what repairs would need to be done, and comparative prices in the area can help you as the bidder in knowing when to bid or when to back away.
Never place a bid at a real estate auction without first having inspected the property you are bidding on. If you acquire property through an auction, you receive it as is, so it’s key to make sure you have inspected it and are sure it is the right fit for you.
At Dakil, we offer property showings by open house, as well as detailed information about the property being auctioned–before the auction begins. This way, we can ensure our bidders know what they are bidding for by the time the auction starts.
If you’re the winning bid at a real estate auction, the overall price of the property can be financed. However, a down payment of five perfect of the contract price is required upon winning the real estate auction at Dakil–if the successful bidder is not prepared, they could lose the sale.
Having a pre-approved loan for the real estate before going into auction can help ensure a smoother sale.
If you are the successful bidder, you will receive a certificate of sale following the auction. However, this is not to be confused with the certificate of title. This can take up to 10 days to complete. It is important to not do any work on the property if the certificate of title has not yet been received, in case something happens with the sale or the owner files an objection to the sale.
Dakil Auctioneers is the leading Oklahoma land auction firm. View our Oklahoma Real Estate page to learn more about how we perform our real estate auctions, and take a look at our Real Estate for Sale Listings and Upcoming Auctions to learn more about future real estate auctions.
