 Free Online Articles Directory |
|||||||
Home Page  Finance Real Estate How to Buy or Sell Property at a Real Estate Auction |
|||||||
 |
How to Buy or Sell Property at a Real Estate Auction
 If you ever wondered how to buy or sell property at a real estate auction house, then keep reading…
Typically, the real estate agent will retain the seller as a long term customer by assisting to sell the property quickly and provide advice through out the campaign. In addition, buyer representatives can receive a commission on the sale of an auctioned property by submitting a Brokers Participation Agreement to the auction house. There may be many benefits of selling a property at auction which may include: Properties sold with clear title When properties are sold, a title search is performed to verify and validate that there are no outstanding liens, judgments or other issues that can “cloud” a title. Selling or purchasing property quickly Sometimes, a property may be sold quicker then placing it for sale with a real estate agent. Many factors affect the time to sell a property, which may include: market conditions, property condition, urgency, probate and others. Selling a property “As Is” When a property is sold through auction, it is considered an “As is” sale. This means the sale will occur with no contingencies or negotiations. No repairs will be done, simply sold “As is”. Seller sets the terms of the sale The seller of a property available for auction sets the terms of the sale. These terms include the auction being an Absolute or Reserve Price sale. Absolute – An absolute auction is one where a property is sold to the highest bidder, no matter the price. Sometimes sellers may benefit from receiving more then they were hoping; other times they may receive less. Reserve Price – A reserve price auction is one where the seller places a reserve price on the sale of the property. If no bids meet the reserve price, the seller may not sell the property. The seller is motivated Buyers know that when a property is available for Absolute sale, the seller is motivate. This may work in both the seller and buyer’s favor. The buyers are qualified and committed Sellers know that when a buyer attends an auction, they are ready to buy. Many auctions require buyers present a buyers fee prior to the auction taking place. Only attendees who have paid the buyers fee, may actually bid on a property. Buyers control the price they pay Buyers may receive benefit from an auction by purchasing a property for less then an appraised value. The Auction Process The process begins by making the decision to auction the property. Next, either a real estate agent or the seller contacts an auction house. An auction representative will interview the seller and gather and present information regarding the ability to auction the property. Some decisions made during this time include: Marketing Fee – This fee is typically paid by the seller as an up front cost and may be based on analysis by a specialized marketing team. Auction type – Either an Absolute or Reserve price auction decision must be made. Sellers’ expectations – Terms and conditions of the sale, Sellers expected price, time frames and fees. Once all agree the property is a valid auction candidate and the type of auction is decided, the auction date is established. The auction house will then begin to market the property which may take 4-6 weeks. During the marketing campaign and before the auction, buyers are able to perform their due diligence. They can schedule inspections, appraisals as well as view the property. Summary While real estate auctions may not be for everyone, they do provide alternative methods which may benefit both buyers and sellers. When a Real estate agent recommends a property for sale, they can remain involved in the process, receive referral fees and continue to provide quality customer service to their customers and clients © Copyright 2008 Jennifer MacKay. All Rights Reserved.
Rate this Article:
Current: 0 / 5 stars - 0 vote(s).
Article Tags: Florida Real Estate, Property Investment, Panama City Real Estate, Panama City Beach Real Estate Article Source: http://www.articlesbase.com/real-estate-articles/how-to-buy-or-sell-property-at-a-real-estate-auction-354079.html About the Author:
As a Keller Williams Success Realty Real Estate agent and REALTOR® working in Panama City Florida, my mission is to provide the public with quality Panama City Florida Real Estate services!
Related ArticlesReal Estate Investing for Beginners - Part 1 Introduction So you Want to Invest in Real Estate Tips and Tricks for Moving Into your New Home How to Go From Being a Renter to Becoming a Home Owner Real Estate Investing for Beginners - Part 2, Types of Properties for New Real Estate Investors Finding The Right Loan Officer Before Buying A New Florida Home Come Visit South Florida, You May Never Want To Go Home Is the Florida Real Estate Market Over? Got a Question? Ask.Ask the community a question about this article:Q&A Powered by:
 Latest Real Estate ArticlesOne of the Suitable Places for Real Estate Investment: Faridabad Jacuzzi Types and Styles Some Support Talat and Some Do Not Different Types Of Ceramic Tiles For Bathroom, Kitchen. Bathtub Sizes, Types, And Styles New Range of UK Style Mortgages to be Expanded Chennai's Expanding Real Estate Market Mortgage Bill by End of Year to Boost Property Market in Northern Cyprus More from Jennifer MackayReal Estate Investing for Beginners - Part 2, Types of Properties for New Real Estate Investors Real Estate Investing for Beginners - Part 1 Introduction How to Sell Your Property in a Buyers Market How to Go From Being a Renter to Becoming a Home Owner What is Fractional Ownership Tips and Tricks for Moving Into your New Home So you Want to Invest in Real Estate Becoming the Greatest Real Estate Agent in the World |
|
|||||
|
Article Categories
|
|||||||
 Sign up for our email newsletterReceive updates, enter your email below
Use of this web site constitutes acceptance of the Terms Of Use and Privacy Policy | User published content is licensed under a Creative Commons License.
Copyright © 2005-2008 Free Articles by ArticlesBase.com, All rights reserved. (0.43, 17) |
|||||||
