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September 2010
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  • Citigroup Gets Burned in the Caribbean September 3, 2010
    The 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, 2010
    Morris 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, 2010
    Real-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. […]
  • Corio's Turkish Strategy Stumbles September 1, 2010
    The Dutch company's expansion has yielded disappointing results due to the weak economy, competition and the difficulties of exporting Western shopping concepts to a country steeped in different traditions. […]

Posts Tagged ‘auctions’

Auction Financing

Thursday, January 14, 2010 @ 11:01 AM Author: Anthony

Potential bidders in a real estate auction must be qualified financially in order to participate. At RealEstateAuctions.com,  we’ve got an auction financing resource that is literally on the map, nationally.

Bank of America is our preferred lending partner and we couldn’t be more proud.

Bank of America is the largest bank holding company in the United States, by assets.  The company operates in every state plus the District of Columbia.

What it means for the consumer is unequaled access to the best financing products available.

Because of the accelerated transaction process that typifies a real estate auction, buyers must come prepared to close. The seller promises clear title at closing, ample inspection opportunities and a price he or she will accept that’s often considerably reduced from a previous listing price. Therefore, bidders must be prepared to close.

This means that auctions are not a place for tire-kicking. Bidders must have cash or financing in place to close within 30-45 days.  Winning a property at auction, then starting the  real estate financing process, is not the recipe for success. Auction contracts provide for no financing contingencies, no closing date push-backs because of a lack of financing. Bidders unable to close on the specified date risk their earnest money and possibly even more. Sellers may seek additional compensation beyond earnest money from buyers unable or unwilling to close beyond.

With auction financing such a critical component, there’s really no better choice than RealEstateAuction.com’s preferred lender, Bank of America.

What distinguishes our relationship with Bank of America is not only the programs and rates available, but the people. Thomas Faille is Bank of America’s Number One Professional Mortgage Counsultant. That’s correct, he’s Number One in the entire Bank of America operation nationwide. He and his team are regular visitors to the offices of RealEstateAuctions.com, educating our auction specialist Realtors about the newest loan options. And of course, Tom and his associates also meet with our clients interested in financing for auction and non-auction real estate. You can’t beat that kind of personal service from the best in the business.

Be sure to have your financing in order before registering to bid at a real estate auction. We’d be pleased if you’d consider our preferred lender, Bank of America, but off course you’re free to select any lender of your choosing. You’d certainly be wise to compare programs from different lenders, however. It’s always important to get a second and even third opinion on important financial undertakings like auction financing.

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OwnACondo.com Purchases “RealEstateAuctions.com”

Tuesday, January 12, 2010 @ 12:01 AM Author: Anthony

Capitalizing on the growing popularity of auctions as a preferred method of real estate sales, OwnACondo.com has purchased the domain RealEstateAuctions.com.

The purchase was made Jan. 6, 2010 and will enable OwnACondo.com to immeasurably expand the real estate auction services that it offers as part of its newly established Auction Division, according to Brian Kuzdas, the company founder and owner.

“There is simply not a better name to have for real estate auctions,” Mr. Kuzdas explains. “I equate it with having Doctors.com or Lawyers.com if you’re in that field. It’s absolutely huge for us and for our customers—locally, regionally and soon nationally.”

The domain name of RealEstateAuctions.com had been ”parked” with no content, ” says Mr. Kuzdas.

“We’ve already got the website going and we are adding content and functionality daily,” he says. “We’ve scheduled our first auction under the new name for Saturday, March 27, 2010 in Oak Brook, Illinois. ”

RealEstateAuctions.com is the name of a new company that began as the auction division of  OwnACondo.com. It will auction all types of real estate, including single family homes, condos, townhomes, apartment buildings, commercial property, vacant land and more.

Real estate auctions are growing in popularity as buyers and sellers alike seek an accelerated way to conduct business.

Almost $60 billion in real estate sold nationally in 2008, with an even greater amount anticipated for 2009 once year-end totals are in. Auctions are expected to account for 30-35 percent of all real estate sales in coming years, according to statistics from the National Auctioneers Association.

“Buyers love auctions because of the potential for great deals, and sellers love auctions because it’s a fast way to sell their property quickly to qualified buyers. By no means are auctions just for distressed real estate anymore,” explains Mr. Kuzdas.

RealEstateAuctions.com was purchased after six weeks of negotiations, with the aid of a broker who helped locate the owner of the domain.

“The name had been reserved but sat unused for more than 15 years,” Mr. Kuzdas says, “and now we’re the proud owners of the best domain in the industry!”

RealEstateAuctions.com will house its offices side by side with OwnACondo.com as both entities expand nationally.

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Real Estate Auctions on the Rise

Monday, January 11, 2010 @ 05:01 PM Author: Anthony

The popularity of real estate auctions has increased significantly in recent years, and for the most part, it has been under the radar in terms of public knowledge.

The National Association of Auctioneers (NAA) has understandably got its finger on the pulse of real estate auctions.  According to the NAA, almost $59 billion in real estate sold via auction in 2008, with an even higher amount expected for 2009 once the year-end totals are in. Those are impressive numbers.

In fact, the NAA estimates that 30 to 35 percent of all real estate will be sold via auction within the next five years. By anyone’s reckoning, that’s an awful lot of real estate.

Why are real estate auctions increasing in popularity? Several reasons:

1. Online merchandise auction sites, such as e-bay, have introduced huge segments of the public to the auction concept.

2. Auctions are no longer thought of only as a vehicle for distressed products 

3. A difficult economy has sellers looking for alternative ways to market their properties and attract buyers when traditional real estate methods are taking too long

4. Buyers and sellers  are realizing auctions are a method that’s typically faster and easier to transact business    

5. Buyers and sellers understand that auctions are really the best way to determine exactly what any real estate is worth, right now. Not last month, not last year, but in a head-to-head, open-outcry forum.

RealEstateAuctions.com recognizes the value of auctions to buyers and sellers and is committed to bring the very best properties to the table for these exciting events.

There are three types of auctions that are typically part of any event held by RealEstateAuctions.com: Absolutete, Minimum Bid and Reserve. Here’s how they work:

Absolute Auction: This is the textbook type of auction, the kind most people think of. The highest bidder wins the property. Properties that are sold “absolute” invariably get the most attention from the buyers. As they bidding notches up, bit by bit, each bidder knows that if he or she just goes a little higher, the property could be theirs. But of course, every other bidder in the room is thinking the same! Absolute auctions auctions are typically the most exciting, the most well-attended and have the most competition.

Minimum Bid Auction: The seller sets a minimum price at which bidding must start. This offers the seller protection that the property won’t be sold beneath what he or she can live with, but this strategy also runs the risk of having little or even no participation if bidders feel the minimum bid is set too high.

Reserve Auction: The seller may accept, reject or counter the highest bid for any reason, and usually has within three days to do so.  Like the Minimum Bid Auction, the Reserve Auction offers the seller a lot of proptection, but also tends to draw less interest from bidders.

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