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Archive for the ‘Condo Auctions’ Category
Thursday, January 28th, 2010
When most people think of auctions they think of buying but in order to buy someone must be willing to sell. Selling at auction for real estate is definitely not for everyone. In the best of situations your property should be in the same price range as all the other properties in the auction. The last thing you want to see is that the majority of the properties in the auction are derelict homes in a low value area when you are trying to auction off your four bedroom, 3 bath, updated kitchen and family room home. You are most likely to not have much luck selling your home at market value since everyone at the auction is comparing prices on the other available properties.
Selling at auction requires a legal agreement and most auctioneers will wish to enter into a sole agency agreement. This means they will advertise your property in brochures and catalogues on your behalf with the understanding you will be liable for the costs of that advertising, as well as a portion of the room fee, regardless of whether someone buys your property or not. This may not seem fair but in reality you will have a hard time finding an auction company who will sell your property without such a legal, binding agreement. And these may not be the only fees involved so find out about the charges before you sign any documents. Once you have satisfied yourself with the agreements you should discuss pricing. Find out the likely market value of your property and seek advice at what price to advertise as the reserve bid.
Now that you have everything in place there is nothing left but attend the auction. As the seller you must attend the auction due to a variety of reasons, one of which is you may want to take a lower offer than the advertised reserve bid to get your property sold. When the gavel goes down that last time it signifies the agreement of a binding contract between buyer and seller and you have sold your home at true market value. The buyer must now pay 10% of the total sale price before leaving the auction house and in most cases must pay off the remaining balance in 30-45 days. Your responsibility as the seller is to guarantee your ability to legally convey the property to the new buyer. Selling at auction has its advantages for buyer and seller and can be the way to go depending on your motivation and comfort level.
Tags: auctions, auctions in Chicago, Chicago Condos, Chicago Real Estate, condos in Chicago, sell a condo
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Wednesday, January 27th, 2010
Buying at auction can have many advantages but it is helpful if you have a guide. There are a lot of things to consider if you want to do it right. First of all, what are some of the advantages of buying a property at an auction? There are many and we will only name a few of the most important.
Properties are offered at a competitive price and if you do purchase a property you know you have paid fair market value, no more. If more than one person is interested in a particular property the auction demonstrates free and fair competition enabling the buyer to buy the property at a price that is competitively achieved against other known bidders.
If you are the successful buyer of a property you know the seller cannot renege on his price and the property is yours upon completion.
When buying at auction the seller guarantees a clear title upon closing with no tax liens or mechanics liens assuring you of no surprises down the road.
Most auctions will offer a catalogue with the description of the properties, how to view each property and the general conditions of the sale. Ample opportunity is given to view the property and you can seek professional advice from surveyors and appraisers to help you decide on your offering price.
As a buyer at auction the sales process is accelerated for both buyer and seller. What this means to you as the buyer is you can close and take possession in as little as 30 days avoiding lengthy negotiations of price and terms. Most traditional real estate transactions can take as much as 90-120 days before you can move in. The purchase is based on your time table not the seller or the bank.
These are only some of the advantages of buying at auction which has become an increasingly popular means of buying property in recent years. The real estate market has certainly had its ups and downs over the past decade but one constant since properties have been sold since roman times is the auction. It is a tried and true method to convey property that will be around for a long time to come so look into it wherever you live and maybe you will find that home or condo you have always been looking for. It is fun, it’s exciting and the end result is everyone comes out a winner.
Tags: auctions in Chicago, Buying a condo, Chicago Condos, Chicago condos for sale, Chicago Real Estate, condos in Chicago
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Wednesday, December 30th, 2009
Purchasing a condo can often be a very long process. It can sometimes seem like there is an endless stack of paperwork that keeps taking up all your time. Or, you can dedicate months to tedious negotiations with someone selling the property, and then at the last minute have them back out of the deal. If you have to search for condos by yourself, this can also consume a great deal of time.
If you happen to be tired of these things and want to expedite the process, using condo auctions might be an excellent solution. The procedure is much more simple, and you can complete a transaction by just following a few easy steps.
At condo auctions, sellers and buyers are all at the same place, and they mutually benefit from this fact. The buyers have been qualified prior to the auction, and properties have been inspected to make sure that the buyers can move in as soon as they wish.
Therefore, you are able to bypass most of the negotiations. Usually, sellers opt to utilize auctions because they want the process over with so they can use their time for other things. Maybe the property is costing them money in property taxes or various expenses, and they would like to sell it in order to save some money. They’re ready to get rid of it. Sometimes, that can happen in as little as a few seconds.
If you make a mistake and accidentally make a purchase that you didn’t intend on making, you don’t need to spend time fretting about that since it can easily be fixed. Auction aides are always there to help you, and retracting a bid is a common occurrence.
It’s not as though a mistake that anyone could make will ruin your future or your financial stability. Another benefit to the auction process is that you don’t need to have any connections or know anyone in order to get an excellent deal. You are on the exact same page as everyone else bidding in the room with you.
An additional advantage to condo auctions is that you can pay exactly what you want for a particular piece of property, even though this might mean you have to engage in very competitive bidding.
Just make sure you don’t get so caught up in the process that you bid an amount that’s more than you can afford. Decide before you go to the auction what amount is reasonable given your financial situation, and then don’t allow yourself to make a bid that’s beyond that price.
Auctions are a great way to simplify the process of buying real estate if you don’t allow yourself to get so excited while you’re there that you pay too much in the end. If you buy a condo, you are making an excellent investment for your future and can benefit from the low prices offered at auctions around the country.
Tags: auctions, Condo Auctions, condo real estate auctions, real estate auction company
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Monday, December 28th, 2009
With the ever changing real estate market a centuries old process of buying and selling has resurfaced. Buying at Auctions are becoming one of the most attractive ways to buy 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 of their condo or home, but auctions have long been the primary means of buying 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.
Buying at auctions can be confusing unless you are familiar with the three different types of real estate auctions available to the general public. First, is the absolute auction which is what most of the public recognizes. This type of auction usually guarantees a lot of buyer excitement and participation due to the property sells to the highest bidder, regardless of price. Many sellers have begun to use this method since an absolute auction offers the best performance results of all. The second type of auction is the minimum bid. Auctioneers will only accept bids at or above the published minimum price. This format reduces the risk for the seller if the seller wants a set price and will not sell otherwise. The down side of this type of auction is a greater risk of setting an anticipated value. The last form of auction is the reserve auction which many people have some difficulty understanding. To make the definition as simple as possible the high bid becomes the offer, not the sale. Reserve auctions do not publish a minimum price and the seller reserves the right to accept or reject the highest bid, usually within a specified time. Sellers in this type of auction predetermine the sale price and are not obligated to sell other than at a price entirely acceptable to them.
Buying at Auctions has been around a long time because they are an effective and efficient way to sell real estate and meet the needs of the public. Auctions are entertaining and most people who have been come back again and again, so if you haven’t yet attended an auction try it. I guarantee it will not be your last.
Tags: auctions in Chicago, Buy a Condo, Chicago Condos, Chicago condos for sale, Chicago Real Estate, condos in Chicago
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Sunday, December 6th, 2009
Purchasing a condo can often be a very long process. It can sometimes seem like there is an endless stack of paperwork that keeps taking up all your time.
Or, you can dedicate months to tedious negotiations with someone selling the property, and then at the last minute have them back out of the deal. If you have to search for condos by yourself, this can also consume a great deal of time.
If you happen to be tired of these things and want to expedite the process, using condo auctions might be an excellent solution. The procedure is much more simple, and you can complete a transaction by just following a few easy steps.
At condo auctions, sellers and buyers are all at the same place, and they mutually benefit from this fact. The buyers have been qualified prior to the auction, and properties have been inspected to make sure that the buyers can move in as soon as they wish. Therefore, you are able to bypass most of the negotiations.
Usually, sellers opt to utilize auctions because they want the process over with so they can use their time for other things. Maybe the property is costing them money in property taxes or various expenses, and they would like to sell it in order to save some money. They’re ready to get rid of it. Sometimes, that can happen in as little as a few seconds.
If you make a mistake and accidentally make a purchase that you didn’t intend on making, you don’t need to spend time fretting about that since it can easily be fixed. Auction aides are always there to help you, and retracting a bid is a common occurrence.
It’s not as though a mistake that anyone could make will ruin your future or your financial stability. Another benefit to the auction process is that you don’t need to have any connections or know anyone in order to get an excellent deal. You are on the exact same page as everyone else bidding in the room with you.
An additional advantage to condo auctions is that you can pay exactly what you want for a particular piece of property, even though this might mean you have to engage in very competitive bidding.
Just make sure you don’t get so caught up in the process that you bid an amount that’s more than you can afford. Decide before you go to the auction what amount is reasonable given your financial situation, and then don’t allow yourself to make a bid that’s beyond that price.
Auctions are a great way to simplify the process of buying real estate if you don’t allow yourself to get so excited while you’re there that you pay too much in the end.
If you buy a condo, you are making an excellent investment for your future and can benefit from the low prices offered at auctions around the country.
Tags: auctions, Chicago real estate auctions, Condo Auctions, online real estae auctions, real estate auction company
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Thursday, December 3rd, 2009
As the real estate business continues to evolve, an ancient system of trading in the marketplace has come back into vogue and is continuing to expand along with the market.
Use of a real estate auction company has become more and more popular, especially due to the economic downturn, and their popularity is still growing even more.
Therefore, it’s important to investigate why they have become so appealing and what benefits they can offer to people looking to invest in real estate.
According to the National Auctioneers association, more than $268 billion worth of completed sales started in auction companies. This means that auctions are one of the most accelerated sectors within sales for almost all varieties of property such as residential real estate or agriculture.
Use of a real estate auction company has grown for the past six years straight; however, some people are still misinformed about them and are wary of buying property through use of a company.
Nevertheless, using such a company to complete real estate transactions has a number of benefits. The following is a brief overview of some of them.
Usually, sales take less time, and can be completed in thirty to forty five days. This is because there are no long and complicated negotiations; the property is selling at its true market value.
Additionally, properties are sold with no contingencies, and there is no question of whether or not a deal will be completed. The sales approach is highly visible, and advertising campaigns often precede auctions that utilize brochures and brochures.
It also helps that both the buyers and sellers who are engaged in the auction process are ready to complete the deal; they are less likely to spend time deliberating or backing out of a transaction, and the results of the auction are immediate.
The reason why use of a real estate auction company to make real estate transactions has been in practice for such a long time is that it’s extremely efficient and effective.
The company is able to foster a mood of excitement among potential buyers of real estate that promotes direct competition; in turn, this means higher prices are more likely than in conventional real estate business deals.
The seller will receive a higher price, and the buyer can be sure that he isn’t paying anything beyond market value, or possibly less. Both parties involved in the auction can benefit from this procedure of selling real estate.
Tags: auctions, Condo Auctions, Homebuyer tax credit, real estate auction company, real estate auctions
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Monday, November 30th, 2009
It’s a difficult market selling property in Los Angeles. Property values have fallen in on themselves, saturating the market with real estate far below its market worth of a few short years ago.
Not only can it take considerable time, but it’s difficult finding a fair market price for real estate in Los Angeles. Real estate auctions, however, feature a competitive bidding process that can often escalate, often beating out the market value in this difficult economy.
Auctions present a viable way to accelerate the selling process. You could end up waiting years to sell property for a decent value in Los Angeles. (more…)
Tags: Chicago real estate auctions, Condo Auctions, los angeles real estate auctions, new york real estate auctions, real estate auctions
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Monday, November 30th, 2009
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.
Tags: auctions in Chicago, Chicago condo company, Chicago Condos, Chicago condos for sale, Chicago Real Estate, condos for sale, condos in Chicago
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Friday, November 27th, 2009
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. (more…)
Tags: Condo Auctions, condo real estate auctions, online real estate auctions, real estate auction company, real estate auctions
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Wednesday, November 25th, 2009
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!!!
Tags: auctions in Chicago, Buy a Condo, Chicago Condos, Chicago condos for sale, Chicago Real Estate, Condo Auctions, condos in Chicago
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