Auctions
Auctions are a great way to buy a home no matter if it is your first, second or investment property. There are so many advantages that I only have time to name a few but keep checking out our website for more information on when our next auction will be held and what properties will be available.
There are three basic types of auctions any of which can be done at our auctions. The most popular type of auctions with customers is the absolute. This means the home will absolutely sell that day, no matter the price, highest bid wins. The sellers brought the home to auction to sell and are ready to do so no matter the price. You may think this is a distressed sale but many times an absolute bid is higher than the seller ever thought possible. The reason for this is the excitement the auction generates with bidders getting caught up in the process hoping to buy at a great price. Buyers and sellers benefit from this type of auction. Buyers know they are going to pay only what they want for the property and the sellers know their property will be sold by the end of the day. The second kind of auction is minimum bid. In a minimum bid auction the prices is set below the list price, rock bottom of what the seller is willing to take. The minimum bid is published in the auction catalog, on the website and announced by the auctioneer at the start of the bidding for this particular property. As long as someone bids that price the property will sell that day. If no minimum bid is offered the property is not sold and may be help over to the next auction. The last type of auction is the reserve auction. The seller has set a price he is willing to take but it is unpublished. Bidding will start with an opening bid and progress normally. A couple of things can happen at this point which is what makes many auctions exciting. Once a particular price is reached the seller can notify the auctioneer that the property is now an absolute bid property. In other words, when the final bid is called out and the gavel goes down the property is sold.
Auctions can be a great way to buy property. In today’s real estate market auctions are becoming more and more an attractive way to buy and sell properties.
Great Time to Buy a Condo? Real Estate Auctions Make It Better
Interested in buying a condo? Real estate auctions feature affordable options you wouldn't expect. The current housing market has created some remarkable conditions in the auction market. No longer are auctions the range of forgotten about, foreclosed on properties that might land up in a Sheriff's sale.
These properties aren't being sold because someone forgot to pay the taxes. Often, it's simply sellers that want to move the property quickly in a challenging real estate market. It offers a quick solution that's advantageous to all parties involved, whether you are the buyer or the seller.
In this market, it's an ideal time to buy a condo. Real estate auctions can get you better deals than you'd even get in this buyer's market.
Auction
You are ready to buy a home! How exciting is that! An auction may be a great way to get your price and reduce the time and red tape of a traditional home purchase. Can you imagine moving into your new home in as little as 30 days. It can happen and we are going to give you a road map on how to do it.
I know your first question. How does an auction work? You have seen auctions on TV or may have even participated in an Ebay auction for smaller items but auctions all work basically the same way. The properties we make available to you are obtained from private sellers, banks or developers and most importantly to you are free and clear to close the day of the auction. That’s how you can close in so little time!
Picture this! You are in a room filled with people and the excitement is like an electric charge throughout the room. The auctioneer calls up the first property to be sold. Everyone is on the edge of their seats waiting to see what is about to happen. It is an absolute bid property which means no matter the final price the property is sold when the gavel goes down. Everyone is in anticipation of what the property will sell for and who walks away as the winning bidder. Only registered bidders with paddles can bid so don’t worry about scratching you ear or blinking – that only happens in the movies. If you want to bid, raise your paddle and the bid assistants in the room will help you through the process, making certain you know the current bid and that the auctioneer has acknowledged your price. But the auction is not over by any means because the auctioneer has not declared the item sold until the gavel goes down and bidding is closed. The auctioneer calls for the final bid, there is a silence in the room, finally the gavel goes down and applause and congratulations fill the room. You are now the proud owner of your new home!!!
Auctions are thrilling! There is anticipation, excitement and reward for the winner bidders. They got a great deal on the home they want and best of all you will know in just a few minutes the home is yours and you will be moving in less than a month.
How exciting is that!!!
To Sell Property in Miami, Real Estate Auctions Offer a Fast Sale
The real estate market has not been kind to Miami. The market is saturated with properties that are a fraction of their market value just a few years ago.
It's become extremely difficult to find buyers for real estate in Miami. Real estate auctions, however, offer advantageous ways to sell property while maintaining a fair market value. Auctions streamline and simplify the selling process while insuring that it takes place in a competitive bid process that brings a good price.
Online Real Estate Auctions Present Possibilities
A great way to find deals on perspective property would be online real estate auctions . But this is real estate we are talking about, so it's probably best to be at the auction in person to finalize the sale.
The online community is a great place to find out about auctions, but it's not like you are going to purchase a condo on Ebay and be confidant with the sale.
Still, you can find a lot of opportunities for deals online. Real estate auctions can be enticing for sellers as well as buyers, mostly because they simplify the process and make it easier to get a deal. If you are a buyer, you have the option of setting your price, so you can be sure to stay in your price range.
Auctions
With the ever changing Chicago real estate market a centuries old process of buying and selling has resurfaced. Auctions are becoming one of the most attractive ways to buy or sell real estate no matter if it is your primary residence, vacation home, or investment property. To many people in Chicago a real estate auction is foreign to their way of thinking regarding the purchase or sale of their condo or home, but auctions have long been the primary means of buying and selling real estate in other parts of the country, particularly the south. Auctions are the relatively simple process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the winning bidder. The definition above is the basic auction form but there are several variations, including time limits, minimum or maximum limits on bid prices, and special rules for determining the winning bidder or sale price. Many times the participants may or may not know the identities or actions of the other bidders and they can participate in a variety of ways, such as by telephone, or internet. No matter how the auction is conducted the seller usually pays a commission based on a percentage of the final sales price.
Auctions have many benefits for everyone involved. Obviously the seller knows that his property will sell at an auction depending on which method he chooses to convey his property and he knows that buyers who attend auctions are ready, willing and able to purchase that day. Sellers also can be assured that the property will sell at market value although the attitude by many unfamiliar with auctions think properties sell at a discount. At an auction the market value is guaranteed due to the property sells at what a buyer is willing to pay and from the competition created among potential buyers. Buyers also enjoy many benefits, some quite similar to what the seller realizes. Buyers know they will purchase property at fair market value and the seller is committed to sell. Buyers at auctions also know they determine the final purchase price eliminating long negotiations competing fairly with other buyers under the same terms. Buyers realize that purchasing through an auction reduces the time to purchase and closing dates are known when the gavel comes down for the final sale. As I said before everyone benefits from auctions, even realtors. Realtors have recently embraced this type of selling real estate for all the advantages the buyer and seller realize. The realtor can offer their clients and customers new options for selling and purchasing property generating a list of ready and qualified buyers and sellers. In confidence the realtor can assure sellers and buyers that the property will sell at market value and be confident that a closing will take place and when.
New York Real Estate Auctions Offer Affordable Potential
If you've always dreamed of finding an affordable home in New York, real estate auctions present unique opportunities. It's a focused market. When you deal with an auction, you have a selective audience that's completely made up of interested parties.
Sure, some people will attend the auction purely for the novelty of it, but most will be there with an interest to buy or sell. People got to an auction typically with a sense of purpose. You can view a good 75 property locations in a single day with your choice to choose from, rather than having to track each one down to see if it meets your needs.
Imagine being able to squeeze a month of afternoons spent looking at properties into the convenience of a single afternoon. The possibilities are spread out like a dinner buffet.
Real Estate Auctions Can be a Fun Way to Spend an Afternoon
You can feel the buzz of excitement in your bloodstream. The auctioneer starts naming prices, rolling through each bid in a rollicky voice that almost seems musical enough to dance to.
Hands get waved, and bids go up, until that climatic "sold" goes through the auction house and another sale is landed. Real estate auctions are special places, not only for their sheer novelty, but their incredible powers to move real estate quickly, presenting advantages to buyers and sellers alike.
At real estate auctions, everyone present is on the same page and given the same considerations. Buyers are excited about the potential to buy real estate at a discounted price.
OwnACondo.com’s first Real Estate Auction
November 8th was a big turning point for OwnACondo.com. This was the day that our First Real Estate Auction took place. We booked the event at the Chicago Marriott hotel in Oakbrook, with the expectation for between 150-180 people. The room was packed with just about 200 people. The overall event that took much preparation, paid off big in the end. We auctioned off 9 properties that were reserve and three of those nine became absolute during the middle of the bidding process! The sellers and bidders were happy in the end! We also interviewed the spectators that attending the event and they were very impressed as well.
We planned on auctioning off anything from vacant land, to condos, to single family homes. We ended up auctioning off single family homes and condos. It is not the type of the property we are concerned with however, it is the value of the property and how it is auctioned off. We certainly want more absolute properties in this next Real estate auction as we can be more choosy with the properties the second time around. Most of the properties in the first auction were reserve bidding, so there was never any guarantee that the seller would accept the offer. With absolute bidding, it is safe to assume the property will sell.
Many people participated in the real estate auction and were glad they did. Those that did not participate but came to watch were blown away and because the event was put together so well, new investors and banks are looking to put their properties in the next auction. We have already started to plan for our upcoming auction that is set to take place on January 30th with a location that is yet to be determined. Properties however, are pouring in and the buyers who are all on- board, have that date already blocked out.
Although this real estate auction went very well, we are always looking to improve on the experience and look to see how we can do things better. We also felt that it is important to build on the things that we feel went well and make sure that they are just as great for the next auction. The second time around we are looking to perfect the process, get our systems in place, and be one of the best Real Estate companies to partake in real estate auctions. Please visit our website at http://www.ownacondo.com/ for more information on our upcoming auctions and list of available properties.
