Live Auctions: 3 pro tips to win big

Deals The List
By: Jimmy Rhoades Posted: 6:40 PM, Mar 29, 2017

Are you looking to save some money on big ticket items like your home or car – or maybe looking to make some extra cash? Jimmy Rhoades met up with the star of Discovery's Property Wars, Doug Hopkins, to get three pro tips on how to win big at live auctions.

1.  Don’t Step Into a Mess

Make sure that either the house or the car that you're buying has clean title. That is the most important thing. You can use online resources like PropertyShark, but given the stakes, consider going old school and ask a local real estate agent for a referral to a title company to perform a lien search.

2.  Make Sure You See the Car or Home

There's going to be repairs. A lot of these houses aren't pristine and don't come in mint condition. Be prepared for more out-of-pocket expenses before you’re able to make a return on your investment.

3.  Know the Value

Zillow and Trulia are handy tools for this. Determine what you're willing to pay and stick to it. Bidding against several other people, it can get very emotional and you can start going, "Oh, I hate that guy!" You get caught up in that emotion, you can wind up overpaying and you don't want to overpay.

It's a risky business so be cautious and get advice.

Would you ever consider buying a house or car from a live auction? Join the conversation on our Facebook page, @TheListShowTV.