Real Estate Auctions Don't Equal Bargains

This in response to a blog in http://business.knowmoremedia.com. It's been also a common misconception by most typical bargain finders especially the beginners that auction is a bargain.

What most folks keep forgetting is the most important thing regardless of any item to buy whether it's a house, a car, a boat… is value. Bargain property is considered bargain if it's purchased way below the market price.

Any prospective buyer who failed to do his diligent research might end up with a property that's not really worthy of it's purchase price. If cars have the "blue book" value, home bidders should consult at least the "appraisal report".