- Foreclosure Filed on Ritz Kapalua September 7, 2010The estate of bankrupt securities firm Lehman Brothers has filed court papers to foreclose on Hawaii's Ritz-Carlton Kapalua resort, continuing the carnage in that state's hotel sector. […]
- Citigroup Gets Burned in the Caribbean September 3, 2010The bank is selling its mortgage on the Viceroy Anguilla to Starwood Capital Group at a hefty discount, the latest example of capitulation by a bank that has nursed a troubled real-estate project for years. […]
- New Resorts Owners Roll Dice September 1, 2010Morris Bailey and Dennis Gomes are paying $35 million for Resorts Atlantic City, at a time when gambling revenue is declining and customers are being siphoned off to Pennsylvania venues. […]
- Capital Freeze Thaws for Real-Estate Funds September 1, 2010Real-estate funds saddled with boom-time properties are getting relief from Wall Street firms and other investors hoping to capitalize on their need for cash. […]
Types of Auctions
Each event held by RealEstateAuctions.com typically features three types of auctions. Each is easy to define, understand and participate in.
Absolute Auction
Highest bid wins, regardless of price. Absolute auctions are usually the most exciting and well-attended of the day. Potential buyers are attracted to absolute auctions because of the possibility of landing a property at a bargain price. Sellers love absolute auctions for the buzz they generate and the competitive bidding that is almost sure to result. The result? Typically a happy meeting ground for both parties.
What a great feeling for a winning buyer to know that he or she outlasted fellow bidders and won a desirable property at a fair price, while the seller has absolute confidence that he or she has received true market value for the property in the purest form possible: direct, head-to-head competition.
Minimum Bid Auction
These auctions begin at a minimum set price established by the seller. The minimum bid is published in the brochure and announced by the auctioneer at the start of bidding for that particular property.
Reserve Auction
This type of auction allows the seller to accept, reject or counter the “winning” bid. Sellers may make this decision before the event ends or they may take up to three days to decide. This gives sellers protection that their properties will not be sold below a level they can live with.
To learn which types of auctions apply to each property, be sure to check them on this website. Printed materials, large-screen displays and announcements at the event will also provide that information. In addition, we’ll have plenty of helpful associates on hand to provide assistance, as needed.
Sellers, be sure to contact us if you’d like more information about which type of auction to choose for your property.
Great infomation. I have bought and sold properties in auctions and it is the way togo