Wes Mazurek writes a monthly column for the Kalamazoo Gazette regarding real estate auctions. This article is an expanded version of the December 7, 2000 column.

Q. I see where more homes are going to auction, but I still don't feel comfortable buying at auction. What can you tell me to increase my comfort level?

A. Comfort levels increase when our knowledge base is enhanced. Become an informed buyer. Know what you are purchasing. Here are some suggestions on research.

1. Township Offices - Go to the township where the property is located and obtain the property Tax ID number. The Tax ID number is your locator or point of reference. Tax ID numbers are like social security numbers; they are used for identification purposes. Once you identify the property, you can begin to ask the township questions pertaining to the property.

2. Select a Title Company - Title companies will do title searches for a fee. Fees vary per Title Company. Title searches do the following: Give a forty year historical tracking of the property, determine who the current title holder is, provide the legal description of the property, detect if there are any liens and/or encumbrances on the property, list all building and use restrictions and supply tax information.

3. Contact lenders. Lenders will be able to assist you with mortgage and pre-approval process. Auction purchases are not contingent on the buyer getting financing after the purchase. Buyers need to come to the auction prepared to buy and this means having your financing in place on the day of the auction.

4. Realtors - Realtors can assist you with your research and purchase but you may be asked to sign a Buyer Agency Agreement. This simply means that your realtor now legally represents you and your best interest. Realtor assistance can prove to be an invaluable service.

5. Home Inspections - are a through, in-depth visual examination of the structure and operating components of the home preformed by trained professionals. A home inspection is for your security and peace of mind. Auction properties are sold "where is, as is". With a home inspection, you aware of what you are purchasing before the purchase takes place.

6. The Closing Process - Many buyers think that they have to pay cash day of auction for auction properties; this is not true. The closing process with an auction property is not any different than that of a conventional purchase. Check with your lender for more information.

Auction does not always mean distressed, foreclosed on, or bankrupted. By becoming an informed buyer you will be able to take advantage of quality real estate opportunities available through the auction method. Be a prepared buyer, we'll see you at the auction.

Email to Wes@DreamHomeAuctions.com