- For AvalonBay, Long Island Filled With Risk, Reward July 29, 2010The region near New York City is one of the nation's toughest markets to development properties. AvalonBay is undeterred. […]
- Miami Tower Built for Storms July 28, 2010A Miami-based developer is seeking to capitalize on predictions of a rougher hurricane season, which may be a marketing opportunity for him and his new tower at 1450 Brickell Ave. […]
- Office Developers Revive Plans July 28, 2010With Europe's financial sector showing signs of stabilizing, developers have begun to dust off plans. A development boom, however, isn't likely anytime soon. […]
- It's a Low Point for High Point July 28, 2010Vornado Realty Trust is opting to forfeit a 2 million-square-foot furniture mart in High Point, N.C., to holders of its $191 million securitized mortgage. […]
Archive for the ‘Real Estate Auctions’ Category
Auction Open Houses
As the date draws near for any of our anticipated auction events, we’ll hold auction open houses.
Auction open houses are typically referred to as “on-sites” and they are the opportunities for potentially interested auction bidders to perform inspections. RealEstateAuctions.com provides more than one scheduled opportunity per auction property, and there is always the possibility for a non-scheduled showing, provided it can be accommodated by our staff.
The auction open house dates for the Sept. 18, 2010 event are:
- TBA
Times vary per location, so please be sure to check our auction open house schedule for the times and dates of the property(s) that interest you.
Properties offered for sale at auctions are typically offered on an “as-is, where-is” basis. This is very common in all real estate sales, not just auctions. Occasionally in non-auction real estate sales, you’ll find a home warranty offered as a sales incentive, providing varying levels of protection for certain components such as appliance, the furnace, roof, etc. But the majority of sales are sold as-is. A buyer must simply conduct his or her own due diligence when selecting a property they are interested in buying. The open houses provide an opportunity to do just that.
Potential buyers are welcome to bring along a home inspector, contractor or other trusted professional to examine the property. Sellers agree to provide clean title at closing, free of liens or back taxes, but it’s up to the buyer to perform the necessary investigations to ensure the property meets their expectations.
At RealEstateAuctions.com, we’re proud of the high level of service we provide at the auction open houses. With very rare exceptions, we staff the on-sites with auction specialist Realtors from our very own staff, not outside agents-for-hire.
At the on-site, you’ll be welcomed by the Realtor on duty who will ask you to register with a photo ID. There is no charge for this simple auction registration. This is at the request of the property owner. Once registered, you’ll receive the Terms and Conditions which explains the auction process, and the Realtor on duty can assist with questions in that regard. Also as part of the registration, you’ll be able to take a look around.
If you are interested in learning more about that property at the auction open houses, a Bidder’s Information Package is available to purchase for a nominal fee. Inside the Bidder’s Information Package will be a variety of documents and disclosures that you can use to make an informed decision about that particular property.
Condo Auctions
With the ever changing Chicago real estate market a centuries old process of buying and selling has resurfaced. Condo 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.
Real estate auctions are exponentially growing due to all the talk we continually hear about the economy and real estate. There are foreclosures, loss of equity and homeowners in trouble and it can make it difficult to sell properties not matter where they are located. The media is helping condo auctions and smart buyers and sellers are using it to their advantage. Real estate auctions attract buyers and they can get the highest and best offer in the shortest amount of time. The media helps with this by talking about how real estate is cheap and now is a great time to buy. Free advertising is being provided so when potential buyers see auction signs they believe a deal is waiting to be made. Additionally, real estate auctions are moving to online sites that cater to our more technologically advanced buying public which many motivated sellers are seeing as an advantage since mass advertising at very little cost can expose their property to the maximum number of buyers possible. More and more real estate agents are discovering that marketing is much less expensive and online condo auctions give them the most bang for their marketing buck. Auctions are a trend that with today’s economy will continue to grow.