Repo Home Sales

Auction Homes and Buying Foreclosures
By [http://ezinearticles.com/?expert=Harry_D'Elia_III]Harry D’Elia III

Exploring Real Estate Auctions There are times when the traditional way of selling real estate is too slow. Life goes on for people who are facing divorce, unemployment, health issues, and other challenges. One must sell their property in a rapid amount of time. One will see that the vultures come out offering pennies on the dollar for a troubled homeowner. One solution is selling the property at auction. It is proven that auctions do work for sellers. It is quick, efficient and one has the possibility of obtaining the highest price possible.  Real estate auction companies do a great job on promoting the one to four day event in print, television, Internet and other lines of advertising in order to attract the highest amount of qualified buyers to bid on the properties. These are all cash deals with no contingencies and assurances from the seller. The home is sold AS-IS.    It has been my research that Real Estate Auctions are the fastest growing trend in real estate industry. Auctions are becoming the first choice for sellers of all types of real estate since everyone wants the cash in the most expedient manner. Would you believe that over 60 billion dollars worth of real estate is sold at auction in the United States on annual basis? The National Association of realtors has predicted that by the year 2010 that 30% of all real estate transactions will be conducted through auctions.   Auctions (A) VS. Traditional Listings (T)

A = Fast. Homes sell in 30 days or less.
T = Home stays on market until it closes and funds, that could take months.

A = Buyer can offer anything on the home either lower or higher.
T= Buyers offer depends on number of days on market and asking price.

A = Property is sold AS IS with no contingencies. Sorry, no refunds!
T = Buyers ask seller to make repairs or lower price from asking price.  Many times it may fall through escrow.  That means buyer has to start with a new seller.  This can be a very long process if home needs repairs.

A = Takes out the guess work on final price.  Sold to highest bidder.
T = Seller must price house to sell within first 45 days or forced to reduce price to move property.

A = Many avenues of advertising to bring buyers to the auction.
T = Limited forms of advertising to bring buyers to the table.

A = Buyers go into a contract to purchase house so they must preform or face the risk of losing deposit.  It creates a sense of urgency on the buyers side.
T = Low motivation from the buyers side because of many choices on the market.  Seller has to wait for the buyer to come to them.

A = Terms set by seller before auction.
T = Seller must cater to the buyer many times to have a successful sale of property.

Three Types of Auctions:   Absolute Auction: There is no minimum bid required. The real estate is sold to the highest bidder. Minimum Bid Auction: Seller sets minimum bid for the real estate. If the minimum bid is not met, then the seller is not obligated to sell. Seller and highest bidder can meet in private to work things out if possible. Auction still gets paid for that service. Reserve Auction: Allows seller to reserve the right to accept or reject the highest bid within a 72-hour spam of time. Seller is not obligated to sell to the highest bidder. Seller may not have set price in mind.   Benefits for the Seller to sell property at an Auction:

* Get the highest amount for the property since buyers compete against one another. People do not like to lose so they end up over bidding. Emotions take over the common sense side of the business. The auction creates excitement at the same time.
* The auction is fast and delivers immediate results properties close within 30 days. It provides quick closings for the seller. Auctions have the marketing down to the science to bring large crowed.
* The starting price is low leaving it to the auctioneer to start driving up the price as people bid against each other. The auction sells properties for much more than was expected by the seller.
* The carrying cost of the property is decreased compared to traditional listing since the property is sold 30 days after auction. These costs included the following: taxes, utilities, insurance, landscaping, etc.
* Property is being sold AS-IS. This is a huge advantage to the seller. Seller and buyer waive all contingencies on the property.
* Seller is able to accept their bottom price at auction. The minimum bid is set before the auction date.
* Seller is always in control of his/her property. This eliminates negotiations between seller and buyer in a traditional real estate method. This method takes time and money.
* An Auction company will walk a seller from A to Z through the entire process including at closing.

Benefits for Buyers to Purchase at Auction:

* Buyer is setting own market Market Value on property at purchase. Buyer is not relying on realtor or appraiser to set the price.
* Avoids long negotiations between Seller and Buyer. One can have it NOW. Most auctions last less than two hours depending on number of properties that day.
* Auctions set a level playing field for every buyer. The highest bidder wins.
* Auctions allow ample time for buyers to review property and do any research on the property so one is prepared at auction. One should only bid to their maximum. A bidder must avoid getting caught up in the moment. Common sense must prevail at Auction and not one’s emotions.

How does one prepare for an Auction as a buyer?   Buyers must come prepared to the auction knowing what one is willing to pay for a piece of real estate. One must take emotions out of the equation. One must do their homework to be fully educated and prepared to roll out a decision at auction. Here are my personal recommendations when preparing for auction:

1. Hire a realtor who specializes in real estate investments.

2. Request Bidders Package from auction or visit web site. The package will include the following such as rules of engagement at auction, any inspection reports, title, zoning concerns, and required deposits, any available financing and closing expectations.

3. Realtor will conduct a true comparative marketing analysis on each property that a buyer will bid on. This avoids the buyer over bidding on a property.

4. Physically inspect the property to tally up repairs needed to the property along with any other facts on the property. These costs must be considered when bidding on a property.

5. Attend a few auctions to become comfortable with the process. Observe other peoples actions. The Real Estate and Beyond Network is here to assist you in this process.

Conclusion
The real estate auction method of buying and selling real estate is growing at a rapid rate as demonstrated in this article. A buyer must not be overtaken by speed and emotion present at auction. Hiring a realtor is there to provide a truly business transaction and save one from acting on emotions. Real estate bargains do not come easy at the auction. One must do the homework and be prepared at auction to snap up the bargain. Please review the advantages listed above for both sellers and buyers at real estate auctions. The seller has the overall advantage at auction if one is not prepared. They are hired by the seller to obtain the highest price for the real estate being offered at the auction. The auction company gets paid when the property closes. So, they have the seller’s best interest in mind. The Real Estate and Beyond Network is fully prepared to represent bidders at auction. The entire Network is on the bidder’s side.

The Real Estate and Beyond Network is fully prepared to represent bidders at auction. The entire Network is on the bidder’s side. Please listen to the weekly Real Estate and Beyond Radio Show each Saturday on KKNT 960AM from 12-2PM Phoenix time. Host Harry D’Elia discusses how to truly invest in real estate. Please visit the team web site at [http://www.deliateam.com/]http://www.deliateam.com   Harry F. D’Elia III Real Estate and Beyond LLC CEO and Founder [http://www.deliateam.com/]http://www.DeliaTeam.com

Article Source: http://EzineArticles.com/?expert=Harry_D’Elia_III http://EzineArticles.com/?Auction-Homes-and-Buying-Foreclosures&id=2246502

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Buying Cheap Repossessed Homes From Foreclosure Auctions
By [http://ezinearticles.com/?expert=Anthony_Lee]Anthony Lee

Every now and then, there are major and even small banks in your locality that conduct or hold foreclosure auctions for repossessed homes.

There are more and more people going through and shopping homes through these auctions because there is a prevailing public perception that repossessed homes sold by banks are at cheaper prices.

Experts and industry players would not agree to the notion most of the time. There are rare cases that, in deed, some homes are auctioned at reasonable and cheap prices, but that is not always the case.

To provide you with a helpful and insightful guidance if you are aiming to purchase repossessed homes at bank foreclosures or auctions, here are a handful of practical.

1. Set your ideal and preferred home style before shopping for an existing, repossessed home. You might be surprised and awed too much at how beautiful and awesome by several homes in the bank’s auction.

2. Focus on the tag price that goes along with the home of your choice. Sometimes, you might inevitably falter to look closely at the price before closing in on a repossessed home purchase.

3. Banks’ foreclosures and auctions for repossessed homes are still auctions, meaning people would try to outbid each other if they are after a particular home. By that, be advised that you think twice before trying to contest a higher bid by another bidder. That can be a rat trap. Do not fall for unreasonable prices just to acquire a repossessed home.

4. Bring an expert when going to bank auctions for repossessed homes. Through that, you would be given proper and appropriate guidance and advise about the practicality and affordability of the repossessed home for sale.

Overall, buying repossessed homes at bank auctions would not necessarily be hard if you have the proper attitude, motivation and knowledge in doing so. Presence of mind and focus would also be necessary.

For listings of   bank repo homes, please go to http://www.buy-cheap-houses.info/

Article Source: http://EzineArticles.com/?expert=Anthony_Lee http://EzineArticles.com/?Buying-Cheap-Repossessed-Homes-From-Foreclosure-Auctions&id=301089

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Tips on Buying a House at Auction
By [http://ezinearticles.com/?expert=Ron_Victor]Ron Victor

Property auction takes places around the country, but they are advertised only about four weeks before. Advertisement are done in local newspapers, internet, so that sales can take place. The best bargains can often be found when properties are auctioned outside their local area. You can get an auction catalogue for a small fee direct from the auctioneer wherein you will find information regarding sale, guide prices, viewing times and any special conditions of sale. Do appoint a solicitor who will do the entire document work for you. Solicitor will give you all the important information regarding home auction. Visit the property on any of the day that has been listed in the catalogue. Try to take a surveyor or builder with you. Viewing of the house can be done twice a week and are open to everyone.

Do remember that a guide price should be closer to reserve price; any may have no relationship at all to the final sales price. A guide price gives an indication of the price that the property is expected to sell for and what the vendor is hoping to achieve. Guide prices are for information only and shouldn’t be relied on as indication of reserve price, or representing professional valuations for any purpose. Do not make an offer price before the sale as it may increase the reserve price. Property auction finance involves arranging auction mortgages within the time constraints laid down by the auction house. Normally you will be required to pay a 10 percent deposit on the day of the auction, and complete the purchase within 28 days. So keep all the finance in place before you bid. For repossessed homes, the amount should be paid within 14 days. Auctions generally take three minutes per lot. Once the hammer has been bit you have to pay 10 percent deposit amount and sign the contract of sale, so better be in your limits and bid on the right lot. If you do not know as how the sale is done, attend a sale or two on trial basis before bidding.

If you are worried that you may get carried away, it would be better if you take your friend or solicitor to bid on your behalf. You can also bid by telephone or online. Do pay attention to the auctioneer’s announcements at the beginning of the auction as he will explain the procedure and disclose the lots that are being sold or withdrawn prior to sale. Do not get emotionally attached to a property. If you miss this one, you can buy another one. It would be better if you don’t start the bid as this can push the price up. Look into post-auction sales. Forty percent of the properties at auction do not sell. The seller may take a back seat as he was not able to sell the property before the auction or after it so now you can negotiate a bargain. Nowadays more and more property are coming for auction.

Ron Victor is a Expert author for [http://www.propertyauctionzone.com/Property-Auction-Tips.htm]Property auction and UK auction list. He has written many articles like UK property auctions, Property auctioneers, property in UK. For more information visit: http://www.propertyauctionzone.com contact me at ron.seocopywriter@gmail.com

Article Source: http://EzineArticles.com/?expert=Ron_Victor http://EzineArticles.com/?Tips-on-Buying-a-House-at-Auction&id=1692314

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Pros And Cons Of Purchasing Repo Home Through Bank Foreclosure Auction
By [http://ezinearticles.com/?expert=Albert_Lee]Albert Lee

Having a good paying job can allow you to save money to be able to buy a house. It doesn’t have to be new, in fact, you can check out repo homes. Repo homes are bank-foreclosed houses that are put up for an auction. These houses are offered at a low price in order to attract buyers and dispose of the properties easily.

But if you think that it’s an easy way, you’d better think twice. If you don’t know the what’s and how’s of bank foreclosure auction, you won’t get a good deal. In fact, it’s much easier to buy a new house because the procedure is not complicated, but the disadvantage is that it’s costly. If you have budget constraints, you might as well settle with repo homes. Repo homes have three different categories. The pre-foreclosures, bank homes and government homes; all three categories offer low priced repo homes, but mind you, be careful in bank foreclosure auctions.

Once a homeowner defaults in his loan payments, the bank can foreclose the property used as collateral. Homes are typically used as collaterals for loans, and this is the first thing that the bank will take hold.

Auctions are tricky. The home has an appraised value and this amount is usually the minimum bid, and that is why bargains are uncommon. Tax roles describe the property, and most inexperienced bidders rely on it. What they don’t know is that experienced bidders have already visited the actual property. If you haven’t done this, you’re already at a disadvantage during the bid. Other bidders are able to find out if the house has structural problems, molds, toxic materials, or if it needs repair.

While many claim buying repo homes doesn’t entail payment of back taxes, or liens, you’d better check it out first. The main reason why the homes were foreclosed is that the owners weren’t able to pay for their dues. Then they may have missed out their payments for property taxes. As the new owner of the house, you’re entitled to pay for the tax lien. So you should be very careful and avoid making a mistake in a bank foreclosure auction.

The reason why you’re buying a repo home is that you want to obtain it at a low price. But you can only be sure if you exercise due diligence, which means that you need to conduct inspections or research. You can find repo homes’ priced about thirty to fifty percent below its market value, but there are also larger banks that offer homes at their actual market value. You can make a search online for the prices of these repo homes to ensure that the price is really below market value.

For listings of bank foreclosure auctions, please visit [http://www.real-estate-foreclosed-home.info/]http://www.real-estate-foreclosed-home.info

Article Source: http://EzineArticles.com/?expert=Albert_Lee http://EzineArticles.com/?Pros-And-Cons-Of-Purchasing-Repo-Home-Through-Bank-Foreclosure-Auction&id=435837

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How to Auction Your Home to the Highest Bidder
By [http://ezinearticles.com/?expert=Sanford_Rosser]Sanford Rosser

Sell Faster

When you auction your home, you specify an exact date in the future when your home will be sold. It could be 30, 60, 90, or 180 days depending your needs. Once the auction is over and your reserve price is met, you’ll get a signed purchase and sale contract along with an earnest money check from the winning buyer. If the winning buyer doesn’t offer enough to meet your reserve, you may reject their offer. We’ll help you set a “Buy It Now” price that ANY buyer can pay before the auction happens should they wish to avoid having to compete with other buyers on auction day. So there is no downside risk to you, the home seller.

Sell for More Money

The auction process itself creates competition among home buyers. Auctions bring all interested parties together in one place at the same time for a single purpose – to find out who will pay the most for your home. Each bid by a buyer reinforces the value to other buyers present and commits your buyers to their decision.

You, the Seller, Control the Terms of the Sale

First, we help you get a complete home inspection, termite letter, and talk about repairs (if any) that need to be done to your home. That way, buyers may bid on your home and buy it “as is” with full disclosure.

Next, we list your home in the Multiple Listing Service and feature it on this website. We will clearly tell agents and buyers that it will be auctioned on a specific date in the future. Agents will bring their buyers to your home to preview it before the auction. We will provide those buyers with copies of home inspections and termite reports that you have already had done and the repairs you have made. That way, there is NO haggling over what is to be repaired that could jeopardize the sale after the auction. All buyers must bring loan pre-approval letters to the auction or they will not be allowed to bid. By doing all this up front, it allows the home seller to control the process instead of the buyer.

You don’t need to register at the Sanford Rosser and Associates website to search our [http://northatlanta-homes.com]Atlanta Real Estate MLS database that is updated daily. At our site, you may also view [http://northatlanta-homes.com]Alpharetta Georgia Real Estate, Marietta GA Real Estate, and [http://northatlanta-homes.com/auction.php]Atlanta Real Estate auction details.

Article Source: http://EzineArticles.com/?expert=Sanford_Rosser http://EzineArticles.com/?How-to-Auction-Your-Home-to-the-Highest-Bidder&id=874238

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Auction House – Buying Methods
By [http://ezinearticles.com/?expert=Virat_Birans]Virat Birans

Tired of paying retail? Looking for ways to save but don’t know where to start? Auction houses are becoming an increasingly popular and reputable place to purchase. Don’t be put off if you aren’t a pro at bidding. Technology and consumer need is driving change and providing you with more buying options.

Recognising the need to better service buyers, a number of auction houses have developed multiple buying methods for their customers:

Traditional Auction

A traditional auction is held at an auction house at a specified sale day and time. In order to participate, you must register your details and use an allocated buyer number throughout the auction. Bids are generally lodged by raising your hand to confirm the auctioneers asking amount.

Real-Time Auctions Online

The internet allows auction houses to accept bids live in real-time via the company website. Bidders are participating in traditional auctions from the comfort of their home or office. Participants hear the auctioneer’s voice, see images of the vehicles and monitor the bidding as it progresses. A simple click of a button will lodge your bid and put you in the running to win your item.

Fixed Price

Many Auction houses now offer purchase prior to auction, also known as Fixed Price selling. Inspection is available at the auction branch during business hours. It’s a great way to save thousands on items without actually having to bid. There is no haggling involved, below retail pricing and a huge range to choose from at all times. Fixed Price items are a great buying alternative for people who aren’t confident with the bidding process but are interested in taking advantage of an auction houses lower pricing options.

Online Auctions

These auctions are strictly online only, extending over a fixed period. Bids are lodged by submitting the maximum amount you would be prepared to pay and the system will bid up to this amount for you. It’s another great alternative for consumers who feel real-time auctions are difficult if they are inexperienced hagglers.

Whatever your preferred purchasing method, auction houses have evolved their sales channels to provide you with options, range, and huge savings.

Pickles Auctions are Australia’s largest auction group, holding regular offline and [http://www.pickles.com.au/cars/online/]online auctions of [http://www.pickles.com.au/cars/]used cars and general goods.

Article Source: http://EzineArticles.com/?expert=Virat_Birans http://EzineArticles.com/?Auction-House—Buying-Methods&id=2184957

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Repossessed Real Estate Auction: The Cheapest Way To Get Your Own Home
By [http://ezinearticles.com/?expert=Albert_Lee]Albert Lee

Real estate properties are getting more and more expensive today. You have to consider that many families today cannot afford to purchase a brand new home. Because of this, most families in the United States today are living in apartments and condominiums, particularly low income and average income families.

If you are one of these people, you know that getting a home nowadays is next to impossible. It may seem like there is no existing cheap real estate properties today. However, you should consider that you can still get a home for you and your family at a very low price. Through bank repossessed homes, you will be able to obtain your dream home for your family to live in. No more apartments or condominiums, with bank repossessed homes, you will have your own real estate properties that you can enjoy.

First of all, purchasing a real estate is considered to be an investment. This is why many people are now considering purchasing their own real estate properties from bank with repossessed homes available for auction. Bank repossessed real estates available for auction is widely available for the public although the auctions are kept quiet.

Bank repossessed homes are homes repossessed from the owners. The bank repossesses the home because of the owner being unable to pay for the loan they borrowed from the bank. The real estate property will act as a repayment for the loan. This is why there are bank repossessed homes. The repossessed homes are now the bank’s property and they usually put it up for sale or make it available for auction.

Normally, these real estate properties will be made available at a very low starting bid price. If you do it right, you can obtain a bank repossessed home at a very cheap price. Usually, it will cost you about 10 to 20 percent less than brand new homes available in the real estate market.

However, you have to consider that although these homes are cheaper than brand new homes, there may be some maintenance issues involved. It may require you to remodel the home and refurnish it. But you should also consider that it will normally cost less than purchasing a brand new, fully furnished home.

It is recommended that you should first take a look at the home inside and out first before you decide on participating in the auction. By doing this, you will be able to know about the maintenance issues concerning the real estate property. It is recommended that you should bring a professional along that will give you realistic estimates of the money you need to remodel or refurnish a home. They will also be able to advice you on the current market price of a particular home.

You have to expect that there will be some competition in the auction. A lot of people are now looking for cheap real estate properties and bank repossessed real estate properties are one of the best ways to obtain a cheap home.

In order to get everything working at your preference, you should first start bidding small. Through this, you will know how to strategize or bluff your competitors when bidding. Who knows, maybe you can get the home at a lower price than you expected. The professional (a home agent or broker) can help you on your bids and advice you on how to bid.

Bank repossessed real estate properties are considered to be the best and also one of the cheapest ways to obtain a home.

To find different types of repossessed real estate properties, please visit [http://www.real-estate-foreclosed-home.info/]http://www.real-estate-foreclosed-home.info

Article Source: http://EzineArticles.com/?expert=Albert_Lee http://EzineArticles.com/?Repossessed-Real-Estate-Auction:-The-Cheapest-Way-To-Get-Your-Own-Home&id=428105

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Beware the Real Estate Auction
By [http://ezinearticles.com/?expert=Joshua_Marks]Joshua Marks

An investor (who I will call “Phil”) recently contacted me with a situation that arises from his successful bid at an estate auction for a single-family home. Similar to most estate auctions, the auction participants had approximately one hour only to look through the property prior to the commencement of the auction. As you can imagine, this didn’t allow for a great deal of time to inspect the property, its systems, the grounds, etc.

Upon winning the auction, Phil was handed a two-page, pre-printed agreement of sale by the auctioneer with the material terms (price, deposit monies, date of settlement) hand-written into the blanks on each page. Having gotten caught up in the frenetic pace of the auction, Phil didn’t carefully scrutinize all of the terms of the Agreement of Sale. In his mind, he already was aware of the fact that he was purchasing the property “as is”, so what else did he need to worry about?

Fast-forward about ten days following the auction…Phil received a letter in the mail from the township Public Works Department. The letter advised that a representative of the department recently observed the need for 9 sidewalk blocks and 1 section of curbing to be replaced in front of the property—the current condition of the sidewalk/curb was a code violation. Phil became instantly enraged realizing that the required repairs would probably cost about $3,000.00. But, Phil had a thought…he was not yet the owner of the property, so he couldn’t possibly be responsible for the repair work, right?

So, Phil pulled out the Agreement of Sale that the auctioneer had him sign and he found the following paragraph:

“Seller represents that as of the date of the approval of this Agreement, no notice of any municipal, county or township authority has been served upon Seller or anyone in Seller’s behalf, including notices relating to violations of housing, building, safety or fire ordinances which remain uncorrected except as noted hereafter, and the Buyer agrees to assume all responsibility and will pay all costs for any work required to be done by any such authority for which a notice may be served between the date of approval of this Agreement and final settlement…” (Emphasis added).

Upon reading the language of the contract, Phil realized two things. First, this language was different than what Phil had seen in other agreements of sale. Secondly, Phil was clearly on the hook since the township notice was sent almost two weeks after the auction, which falls into the time period between approval of the agreement of sale by the Seller and final settlement.

How did Phil make such a mistake? He relied on what he had seen and known from the many investment properties he had purchased in the past. Most of the deals Phil had been involved in utilized the standard Pennsylvania Agreement of Sale, which requires the Seller to advise the Buyer of any notices of violations that are received prior to settlement AND the Buyer is given the option to void the contract if the Seller refuses to make the required repairs or issue credits.

The Agreement of Sale utilized by the auction company contained different language. The responsibility for violations falls to the Buyer for any notices that are received prior to settlement and the Buyer does NOT have the option to void the contract. This is a very significant distinction.

Unfortunately, the fast-pace environment that accompanies most auctions got the best of Phil. He didn’t take the time to slowly and carefully read through the Agreement of Sale and he missed some very important details of the transaction.

The lesson learned is simple: Take your time. Each deal is different. Don’t rely on what you have seen or read in the past. Don’t let third-parties rush you when it comes to signing on the bottom line…take a deep breath, slow things down and read through the contract before you sign!

Joshua M. Marks, Esq.

Marks & Rosenzweig, LLC http://www.lawmr.com

[mailto:josh@lawmr.com]josh@lawmr.com

Article Source: http://EzineArticles.com/?expert=Joshua_Marks http://EzineArticles.com/?Beware-the-Real-Estate-Auction&id=1644129

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Why Activity Is Picking Up In Florida’s Property Auction Markets
By [http://ezinearticles.com/?expert=Vanessa_A._Doctor]Vanessa A. Doctor

In a depressed housing market, which is still reeling from the devastating mortgage meltdown, a lot of investors and brokers view auctions as a vital portfolio management tool, and like any other tool, it works wonders when used correctly for the right task.

The one thing all auction sellers in Florida, and probably elsewhere have in common is a desire or the need to sell within a shorter time frame than ordinary marketing methods or techniques would usually take.

Why The Auction Markets Are Good For Selling Homes These Days

Because of the slow activity in the housing market, here are among the most common reasons we hear about the perks of undertaking an auction. First, many view that these activities free up cash for alternative opportunities, and also eliminate “carrying” costs like interest, maintenance, utilities and taxes on property that is selling more slowly than anticipated in a business plan. Second, auctions enable home sellers and brokers to draw more attention to the property and set it apart in a crowded marketplace.

Third, auctions help cast a much wider net by drawing prospective buyers from a wider geographical area. And in addition, property auctions allow to establish the fair market value of a property that is difficult to appraise due to a lack of comparables. In reality, there are almost as many reasons as there are sellers. For those who are thinking of undertaking a property or home auction event, first ask yourselves, is the property suitable for an auction?

For instance, if you’re selling commercial land, the auction method is generally well-suited for locations near major cities, preferably with frontage on major roads and high visibility. For residential or commercial buildings, the auction method would most probably be best-suited to those that are high-quality, non-distressed, and in the growth market.

Auction Activity For The Condo Market

As most would expect in a tough residential condo market, auction activity is on the rise as developers and individual owners seek to quickly dispose of units that otherwise might sit idle and empty for longer periods. According to CEO of Pompano Beach-based Fisher Auction, inquiries have risen by 30% to 40% from a year or two ago, mostly from developers or bankruptcy courts.

While at this point, sellers have been end-users who bought on speculation, or were developers who needed their money back, the inquiries are now coming mostly from financial institutions. Most buyers are investors who are looking for deals and are not worried about staying in the market, while some auction buyers are individuals, but most activity is coming from domestic investor groups, and foreign buyers are also coming in to the auction market as well.

Activity Is Peaking In The Auction Markets Despite Some Problems

According to the chairman of Sheldon Good & Company in Chicago, one problem with condo sales at auction is depth of market, which he views greatly varies across the state of Florida. According to the housing market analyst, leverage is everybody’s enemy, as in some markets, prospective buyers worry about a further drop in pricing.

In other property markets where the oversupply isn’t as severe, buyers perceive less value from the auction, however, there’s plenty of business right now in the auction markets, notes the head of Sheldon Good & Co., as they are negotiating as well with other companies in the eastern and western sides of Florida, and the total amount of real estate under consideration exceeds $100 million. http://commercial-realestate-florida.xon.us – Florida Commercial Real Estate

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Real Estate Auctions – 21 Things a Home Buyer Should Know
By [http://ezinearticles.com/?expert=Brandon_Cornett]Brandon Cornett

You are probably already aware of the rise in home foreclosures that has occurred in recent months. After all, it has been in the news almost daily for several months now.

But what you may not know is that many of the properties that get foreclosed upon end up being sold at real estate auctions for less than market value. What this means to you, as a home buyer, is that you can often save a lot of money by purchasing a home at auction (instead of buying it through a traditional real estate transaction).

With that in mind, I would like to offer you 21 important points about this topic. There are some of the things you should know before attempting to buy a home at a real estate auction.

21 Things You Should Know

The process leading up to a foreclosure can last up to five months. It starts when the homeowner defaults on the loan, but it can drag on through various stages, depending on what state you are in.
Because of this lengthy process, you need to be flexible, patient and persistent, all at the same time.
At some point, the lender will file a notice of default against the homeowner, which formally begins the process of foreclosure.
From a legal perspective, there are two types of foreclosures — the judicial and the non-judicial. As you would imagine, the former takes place in court and the latter takes place outside of court.
Most foreclosures in this country are of the non-judicial variety, meaning they never go to court before a judge.
The non-judicial variety is also referred to as a “power of sale” foreclosure. It allows the trustee to sell the property more quickly (on behalf of the lender) by avoiding a court process.
During the pre-foreclosure stage, the homeowner may work with the lender to get back on track with his or her mortgage payments.
Also during this stage, the homeowner could sell the home before the bank forecloses on it, typically through what’s known as a real estate short sale process.
If the homeowner fails to (A) get back on track with mortgage payments or (B) sell the house via short sale, the property will move along the path to a real estate auction.
About 20 days before the real estate auction is to take place, a notice of sale will be posted for public viewing.
In most cases, the notice of sale is posted at the county courthouse (in the county where the foreclosed property is located).
In most cases, the actual auction will also take place at the county courthouse.
In addition to the notice of public sale (which is a minimum requirement), the lender will announce the auction event through other channels as well, because…
The lender wants a good turnout at the event, because having a lot of qualified bidders will increase the likelihood of a quick sale.
The lender wants a quick sale above all else, because they are losing money and wasting other resources by keeping the non-performing (unpaid) loan on their books.
In true auction fashion, the attendees will bid on the property and it will eventually be sold to the highest bidder.
After the home is sold, a deed will be given to the successful bidder. This person is now the new owner.
The starting price for a home being sold at auction is normally based on the amount owed to the lender (combined with other expenses the lender might have incurred when foreclosing on the property).
Overbidding is a common mistake among first-time attendees. This will drive up the price of the home and defeat the purpose of buying through an auction. The purpose for investors is to obtain a property below market value.
In most scenarios, attendees must have financing lined up before they will be allowed to bid on a property. For obvious reasons, real estate auctions are typically cash-based.
Most homes sold in this way are sold as-is with no warranties of any kind. So if you have the chance to inspect the property before bidding on it (even if it’s just a cursory walkthrough), take that opportunity.

Obviously this article does not cover everything you need to know about buying a home through a real estate auction. Entire books have been written on the subject, and you should read those too. But this article will help you understand the basic process that takes place, and therefore shall serve as a good jumping-off point for your further research.

With that in mind, I recommend you print it out and highlight the areas where your knowledge is lacking. Then, learn as much as you can about those areas. Good luck!

Brandon Cornett is the publisher of Foreclosure City, a website that offers tips and resources for investors across the United States. To learn more about how to [http://www.homebuyinginstitute.com/foreclosures/resources.php]buy foreclosure homes please visit the author’s website at [http://www.homebuyinginstitute.com/foreclosures/]http://www.homebuyinginstitute.com/foreclosures

Article Source: http://EzineArticles.com/?expert=Brandon_Cornett http://EzineArticles.com/?Real-Estate-Auctions—21-Things-a-Home-Buyer-Should-Know&id=1066865

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