The majority of lenders out there are not willing to negotiate on the price. I bet they just don't want to comprehend they are on the losing side this battle.



The banks are becoming very creative with their advertising. They are offering great rates and many other interesting things. They are starting to utilizing auctions today on their foreclosures a lot more.

Online auction house's popularity is huge today. You can have a mild auction feeling in the comfort of your own home. All it takes is a little addiction to online auctions and before you know it you will be at the live ones.

One of the first auctions I attended was held on the front yard of the property being auctioned. I was pretty mad that they showed up about forty-five minutes late. Within less than five minutes of their arrival the auction was over. It is truly amazing that from start to finish it was over so quickly.

Everyday I drive through my neighborhood I see more and more auction signs popping up. I assuming that the lenders are trying to get a higher price than on the open market. It is true than they can receive a higher price at auction. I have seen it with my own eyes people bidding up properties more than they are worth.

Auction houses like most business have to get paid for their time. They usually work on a fixed percentage commission or a flat rate fee. The typically percentage is around 3% to 5%. Some of them even have a percentage and fee per winning bid.

Always remember when bidding that you have to calculate the auction house's commission in the price. Just imagine purchasing a house at $200,000 and having to pay 5% commission now your actual purchase price is $210,000. It will amaze you how fast everything adds up.

Today almost everything we read and sign have disclaimers throughout. I particularly like the auction books. They show you so many great deals in the front. When you flip to the rules and regulations section those great things don't actually exist.

I wish that when I went to an auction I could win a property for the opening bid. I wish that some body could, but even if I was the only one there I still couldn't. Those incredible low prices only exist to drive traffic to the auctions.

I always thought the when you go to an auction if you bid the highest you win. I wish that was actually true. Many of the auctions have all things these super low starting points. It seems that they always forget to mention that there is a reserve price in the front of there books. Basically those numbers mean nothing and are just a fantasy. The lenders still get the price they want or they don't have to sell.

Did you know that if you win an auction the seller typically has seven days to accept or deny your bid? Even if you win and your bid is higher than their reserve that does not mean that you have won.

Auctions are seeming to me to become a waste of time and money. I have to waste a full day and show them a considerable deposit just to bid. The actual bidding is suppose to be up to the buyers not the sellers.

I recommend to go to an auction for your self. Just be aware of everything before bidding