Real Estate Auction Action - Buying A Home At Auction

by Jakob Jelling

Due in part to the popularity of the U. S. Department of Housing and Urban Development (HUD)'s home auction program, more potential homebuyers than ever are buying homes at auction. Homes for auction aren't limited to just HUD, however. Many government entities auction homes for payment of back taxes, and some homeowners even auction their homes on eBay.com! Homebuyers considering buying a home at auction should take some steps in advance to help them with their bid price, and even whether to bid at all on a specific home. There will always be a degree of risk when buying a home this way, but with a little diligence, potential homebuyers could save a lot of money buying in this manner. Before the auction, you should have your financing arranged, and have enough cash on hand or in your bank account to cover a deposit on your purchase. You need to check the features, location, condition, and ownership history first. Afterwards, be sure to learn what the property is worth by looking at sales of comparable properties in the same area. Compare homes with the same number of rooms is possible, but be sure to allow for price differences due to pools, decks, carpeting, window treatments, etc. At the auction itself, resist the temptation to get into a personal bidding war, just "to beat out the other guy". Have a set price limit and stick to it. Other houses will come along, and you don't have to win the first auction that comes your way. You should know that the price of a home at auction is typically the loan balance (if foreclosed), plus any back taxes owed, plus legal fees and other expenses in foreclosing the property. This will typically be the opening bid amount, and the price will go up from there. Even so, it's possible to get a great deal in an auctioned house, with a little research and planning first. Also, know that you probably won't be able to get an inspection, and are buying the home "as is". If you can't do any needed repair work yourself, or can't hire it done within your budget, you may not end up getting such a bargain in the end. Jakob Jelling is the founder of http://www.cashbazar.com. Visit his website for the latest on personal finance, debt elimination, budgeting, credit cards and real estate.

HOW TO START AN ONLINE AUCTION BUSINESS

by Carol Woods

Have you spent any time looking at online auctions? There are thousands of visitors to the big online auction sites every day, looking for something to purchase! This is an excellent place to find buyers of your products without having to do any significant marketing, and an inexpensive way to start making money without much upfront investment. Heres how to get started: First, decide what you will sell. ------------------ You can sell most anything via an online auction, but here are a few items Ive seen do very well in this venue: * Collectibles of any sort * Childrens items, especially clothing and toys * Handmade items, including quilts, soap, and dollhouse items * Craft supplies Select your venue: ------------------ Decide which online auction you will use to sell your items. Ebay (http://www.ebay.com) is the site with the most traffic, so it is an excellent choice, but Yahoo! Auctions (http://auctions.yahoo.com) and Amazon Auctions (http://auctions.amazon.com) both get significant traffic. Also keep in mind that there may be specialty auction sites for your particular item with customers looking only for what youre selling. Once youve selected your auction site, sign up for a sellers account. Find your products: ------------------ There are many ways to locate products to sell. Heres a list to give you some ideas: * Visit garage sales and flea markets * Peruse sale racks at local shops * Go to discount or dollar stores * Watch your newspaper for inventory closeout sales * Locate wholesale sources; buy large lots and sell in small lots * Start a consignment service, where you sell items for others for a fixed fee or percentage of the auction price List your item: ------------------ Develop an auction title with as much compelling information as possible, including a brand, size, color, and brief description. Write a description with a lot of detail, both to give potential buyers as much information as possible and to provide lots of keywords for searches. Include a good quality photograph of the item so prospective buyers know what theyre getting. Set yourself up for repeat sales: ------------------ Ship promptly, and leave feedback for your buyer as soon as they pay you. Then, set yourself up for repeat business by: * Including a card in your package with a link to your web site, your ebay user name, or other information about you to help them reach you later and to understand at a glance what types of items you sell * Contacting the buyer after they should have received your item to see if they are satisfied, and ask if they would like to be contacted when you list new items. Send out updates to all who agree when you do new listings. Heres where to learn more: ------------------ Make Your Net Auctions Sell! is an excellent guide to everything about online auction selling. You can read more about it by visiting their web site at http://mynas.sitesell.com/ibb.html You can receive a free 5-day email course called Net Auctions Masters by sending a blank email to mailto:tnamsibb@sitesell.net New to auctions? Visit ebay at http://www.ebay.com and see what we're talking about! Do a search on anything you can think of, you will be amazed! About the Author Carol Woods is the editor of Work at Home Income, a weekly publication of Income Building Blocks. IBB offers free ideas, information and inspiration for moms who work at home or want to! For lots of free ideas to help you find a work at home job or start a home based business, visit us at http://www.income-building-blocks.com and sign up for Work at Home Income!

[CaRP] Can't open cache file.

[CaRP] Unable to create/open RSS cache file.

[CaRP] Failed to open file: /home/auctionp/public_html/autocache/1f5986385e9fcd032f6f03ee253b7066

[CaRP] Can't open remote newsfeed.