If you would like to buy a Dallas TX home for sale, then you are on a very very important blog post.
If you want to know how to buy a home that you love at an a price that you choose, then you’ll love this 7 step article for how to buy a round robin auction home.
Why?
Buying a home has it’s challenges. Not only do you have to find a home that you love, you have to find it at a price that you can afford, in the right location, and that makes sense for you.
Because you are on this page, we know that you are looking for Dallas TX homes for sale.
So, now we just need to find a house you love at a price that is affordable for you.
Why Buying A Dallas, TX Auction Home is a great choice.
First I am not referring to regular auctions as you probably know it. Where a person stands behind a podium and starts to call of numbers as fast as they can waiting for people to raise their card to say that they would like to take the bid.
I am referring to a private Round Robin phone auction.
How Does This Work?
1. You find a house that is being auction to the highest bidder on Sunday night.
2. Then you visit the house, sign in, and go through the packet about the house and a separate packet that explains the round robin auction format in detail. You can inspect the property and ask all the questions you want about the house during the times usually of 12-5 on Saturday and Sunday.
3. After inspecting the house (which should be in great shape, beautiful, and move in ready), you can put in your initial bid on the bid sheet at the house.
4. There should be a mortgage broker on site that. They will work with you on getting qualified to by the home you are bidding on if you haven’t found a broker/loan officer that you want to work with yet.
5. You will then receive a call later letting you know that the auction has begun. You will have a chance to up your bid. To stay in to the next round of bidding you just have to up your bid to the next increment. The bidding increments are usually $500 for houses below $300,000 and $1,000 for houses over $300k. Once the bidding is over and you are the winner you will schedule a time to meet and sign the contract, usually the next day. At that time you will just need to have your earnest money ready to secure the winning bid and go over the purchase contract. This should only take 15 minutes or so total. The process from here on out is handled like a regular house purchase.
6. You will then be put into contact with the mortgage broker that was at the event if you haven’t found one that you would prefer to work with, it’s your choice. Once the loan is approved and ready to be closed, you will receive a call from the title company to schedule a closing day and time for you to come in and sign the documents.
7. You are now the proud owner of a new home. You will receive your keys and welcome home package and start enjoying your new home.
This is how you buy a Dallas, TX auction home. It seems pretty easy huh? Well it is. This format works great for everyone because the home owner gets a fast home sell and you get your new home at a price that you wanted to pay. It’s a win win for everyone.
Thanks for reading this how to buy a Dallas TX home for sale article.
If you would like to know when an auction is being run so that you can attend to buy or just get your feet wet checking it out, then or give us a call at 214-859-8944, and ask for Kenney or Kim.
Popularity: 5% [?]