Find a Reputable Auctioneer
Auctioneers often perform quite a bit of research on the assets they sell and often have more information available than sales straight from the trustee. Also, auctioneers are very familiar with a wide range of buyers; whether this is your first purchase, or you are a seasoned investor, an auctioneer is hired to provide customer service.
Keep an Open Mind and Think Outside the Box
Are there three people sharing a bathroom when your mother-in-law comes visit every spring? Remodeling is too expensive, and she won’t check into a hotel, but you fantasize of the thrill of launching her mothball-scented suitcase out the 3rd floor window? Instead, pick up a timeshare often 80-90% off the original purchase price. Mom stays in a beautiful resort, and you keep your peace of mind.
Know What You Want
While you may be interested in “everything,” limiting the scope of your interest can help tremendously. Limit your large purchases to areas where you are comfortable and start small with investments that are foreign to you.
Research
While trustees and auctioneers do their best to gather all the information possible, verify the information you have with a third party whenever possible. Often, a call to a county before purchasing land can give a buyer a better knowledge of the property than the competitors that simply read the item description and bid.
Follow up on Online Auctions
Noticing periods can last for almost a month. A buyer that organizes, plans and keeps track of upcoming auctions has a leg up on their competition.
Maintain Communication
Keep in contact with your auctioneer. Let the auctioneer know your interests and concerns. Not only will a great auctioneer help you through the auction process, but will often steer you towards other assets that you may not have found on your own.