If you are seeking real estate investment opportunities, you should keep an eye on all real estate auctions. Auctions are much more common in the US and Australia when compared to Canada; and home owners are generally very reluctant to have their properties sold by an auction. Auctions are considered risky and low value by many, and people prefer to sell their properties the traditional way to make the most of them.
If you have never been to a real estate auction before, it is recommended that you merely observe your first auction to see how it proceeds and what rules and regulations are followed. Remember, once the hammer goes down, you cannot revoke your bid and are contractually bound to purchase the property. Hence, it is best to familiarize yourself and prepare everything before you decide to visit a real estate auction to acquire a property. In any case, the following tips will help you locate real estate auctions in your locality.
Contact a Realtor
Realtors are reliable when it comes to real estate information, and local realtors keep an eye out for any real estate developments in your region. If you have already been working with a realtor, it is recommended that you contact him/her and seek auction recommendations. Moreover, realtors can help you get information on foreclosure listings, which hint towards future auctions.
Most auction companies have online websites which you can search and browse for open auctions. These websites list new and upcoming auctions, and include property other than real estate as well. Lists with addresses, time and photos of the objects being auctioned are available for you to peruse and prepare.
Most of these websites also have a subscription option, in which you can provide them your e-mail and they send you messages whenever there is an auction scheduled for the near future.
Contact your bank and mortgage lender
If you have a working relationship with a bank or a mortgage lender, you can request their lists of properties which will be up for auction soon. Since banks and lenders foreclose on properties before they are auctioned, they give out information beforehand so that investors can browse and decide if they wish to participate in an auction or not.
Browse your local newspapers
Foreclosure notices are usually published in local newspapers, and browsing through them can give you an idea of properties which will be up for auction soon.