If you are considering purchasing a property at a property auction, you may be wondering what to do after you have won the bid. First, you should do your research before you bid. Check out the property and see if it is in good condition. You can also get an expert’s opinion on what renovations the property needs.
A property auction is a complex transaction that involves many players. In addition to the bank and the bidder, the seller has to pay the auction venue, attorneys, and other entities. These fees can be steep, so it’s best to make sure you can afford to cover them. The most important thing to remember is that you must pick up your property by the time the auction ends. If you are unable to collect your property within five days, the auction house may charge you a daily storage fee of $50 per day. In some cases, the storage fee is equal to the sale price of the property. If you do not pick up your property within that time frame, the property auction company will resell it and you will not be refunded.
Another thing to remember when purchasing a property at an auction is that it is not possible to inspect the home in person. However, you can still check its exterior and make sure it is unoccupied.