Did you hear that one of the biggest emblems of Atlanta’s real estate boom became the priciest repo? The Bank of America Plaza, 55 story tower was sold at an open outcry auction this past, Tuesday, February 7, for the winning bid of $235 million.
One important fact if your contemplating buying property at an auction is that once it’s won, it’s not returnable. It isn’t uncommon to find foundation flaws, sewage issues or any number of expensive problems that uninhabited properties are known for. You buy the property as is. You do not have the option of hiring an inspector to point out hidden issues. Often, potential owners aren’t allowed to view the site before the auction.
Winning bidders can also lose the property if the sale isn’t completed within a certain amount of time. In addition, some states allow the previous owner to reclaim the home. Jonita Davis, eHow Contributor
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