Thursday, February 23, 2012

Buyer Due Diligence – Verifying Property Condition

Bid4Assets hosts online real estate auctions nationwide which allows buyers across the globe to bid on properties hundreds, even thousands of miles away from their location. Many prospective investments are too far away to personally inspect in a short timeframe, but this does not mean thorough due diligence can’t be performed to verify a current property’s condition…

Although sellers attempt to describe their properties as accurately as possible, it is important to note that an asset condition may change over time. Auction photos may be dated and the state of a property could be different than depicted. For this reason, we strongly recommend contacting the seller prior to placing a bid:

·         To verify the condition of a property, click “Ask Seller a Question”  –
o   “When were the photos taken?  Do you know whether the photos are up to date on the current condition?”
o   “Is the property secured, and if so, is there a lockbox available?”

Employing a photographer is a smart investment and a worthwhile way to ensure you’re clear on the current condition of the property. It’s often cheaper and easier than you might think. Here are a few ways to find a local contract photographer:

·         Craigslist
o   Post a free “help needed” or “photographer needed” ad under “gigs” to connect with local people interested in odd jobs
o   A nationwide network of photographers who can visit a property and send photos
·         Real Estate Agents –
o   Contact a local agent who may offer insight about the neighborhood and can perform a property report

Performing due diligence on a property will reduce future unexpected surprises. Isn’t it worth spending $40 - $50 to verify the condition of a property before you bid thousands of dollars?

On Bid4Assets, the educated buyer always has the advantage. Remember, a bid is a legally binding contract so it’s important to thoroughly research a property before you bid.

Friday, February 17, 2012

Bid on our Blog

Thanks for visiting the brand new Bid4Assets blog!

Tap in to this resource for company news, updates from our senior management team and tips about the B4A auction process. Here you'll find insider info and learn the most effective ways to buy and sell real estate using Bid4Assets.

We post on a variety of topics including performing effective due diligence, determining the market value of a property, sellers tips on creating successful auctions and other auction "how to" posts.

Whether you are an experienced investor or a real estate rookie, we, the B4A bloggers, are committed to providing engaging posts relating to real estate, online auctions and other relevant subject matter. Feel free to post comments anytime.