From time immemorial, auctions have been accepted as the single most definitive way to define the actual value of a product or service. Auctions create a marketplace that allows buyers and sellers to interact in an open and competitive environment to buy and sell, not speculate and procrastinate.
A real estate auctions is an innovative and efficient method of selling real estate. Accelerated real estate marketing process that involves the public sale of any property, commercial, residential or otherwise through open cry competitive bidding. In an real estate auction properties usually sell at 75% to 95% of the listing price.
Auctions are especially useful when the real estate market is slow, to dispose off hard to sell properties as they link up earnest buyers and motivated sellers, inspite of lethargic markets. Since the real estate industry is profit oriented and newer methods to increase profits are employed, auctions are the fastest growing medium to reduce selling time and gain maximum profits. Real estate Auctions also serve the needs of both buyers and sellers. For sellers, an real estate auction shortens the selling cycle, which saves interest expenses, property taxes, maintenance costs, insurance costs, plus the property sells by a specific date thus allowing for future plans. For buyers, real estate auctions usually result in lower purchase price avoiding long drawn negotiations, broker fees and other additional costs.
Auctions classify into three types:
Real estate auction companies specialize in residential, commercial, industrial or foreclosure auctions.
Ritchie Bros auctioneers conduct 180 unreserved industrial auctions at various locations across North and Central America, Europe, Asia, Australia, Africa and Middle East.
High and classy residences are auctioned by J. B. King. Premium properties in 49 states and abroad have come under the hammer at this real estate auction company.
Jerry Keeper of L. D. condominiums spent 3 years and thousands of dollars in advertising and sold only 60 units. With the help of auctions, they sold 58 units in one hour for $5.4 million.
Another real estate auction company, the Higginbotham Auctioneers International specializes in auctions of commercial as well as residential properties.
Mobil Corporation owned 77 acre of undeveloped land with high commercial potential. Although the development potential was hampered by clay settling ponds from previous mining, the land was within a growth corridor. Action by Higginbotham produced contracts totaling 117% of the previous listing price and closed in 45 days.
Commercial real estate includes all income generating property like office space, industrial units, shops etc. Commercial real estate yield maximum profits when you can identify the best deals in the market and the best deals result from an auction which otherwise would have cost a fortune if purchased from a broker. Commercial real estate auctions are managed by companies having expertise in commercial properties. Commercial real estate auction companies like Express Real Estate Auction Services and Property/Auction deal in commercial real estate auctions. Thomas Industries specialize in industrial and commercial real estate auctions. Before taking part in a commercial real estate auction, take into account certain characteristics of the auction, determine the largest price that you can afford and obtain property information such as maps, surveys, tax requirements and spec sheets.
It is convenient to find real estate auctions in the area of your choice using online resources. The NAA Real Estate Auction online search allows you to search for auctions nationwide by area or by type. With online real estate auction properties can be purchased or sold without attending an in person auction and can be done anytime of the day or night. Williams and Williams offer certain properties for sale exclusively through online real estate auction.
RealtyBid.com is a pioneer in the use of technology to make real estate buying and selling less cumbersome and cost effective. Online real estate auctions are a convenient medium to buy and sell all types of properties from commercial, residential, ranches to luxury homes. Online residential auctions are easy and user friendly and open up opportunities for investments in real estate in locations which otherwise would not have been accessible.
Residential real estate includes town homes, single family homes, condominiums, apartments and also luxury homes. Most new homes, apartment units are auctioned for various reasons and hence residential real estate auctions are an effective method of buying or selling of a home.
When a homeowner defaults on a mortgage, the house is put up for a public auction. Most financial institutions take the aid of real estate auctions to sell homes that have fallen into foreclosures. By this method buyers can purchase real estate at well below the market price and it is one of the easiest manner of acquiring real estate.
The City of New York holds real estate auctions to sell surplus NYC real estate under the aegis of the Division of Real Estate Services of the Department of Citywide Administration Services (DCAS). The auction puts under the hammer commercial lots, residential buildings, and vacant plots for an opening bid that is as low as $1000. Usually a pre-auction seminar is held, where DCAS staff is present on hand to answer all auction related queries.
California real estate auction guide is the West Coast’s largest online resource for auctions of real estate, antiques and just about everything that can sell. Real estate that comes up for auction is commercial, residential, and foreclosure.
The State of Florida is serviced by an extensive network of real estate auction companies, who specialize in all types of real estate from horse farm to luxury homes. Nearly all the Florida real estate auction companies have an internet presence, thus making the business of Florida real estate interesting and easy.
After an auction has taken place, auction results are put up either at the auction office or on the auction company’s website. The real estate auction results are usually in a grid form, where each parcel that is to be auctioned is put in one box of the grid. The parcels marked in yellow have been withdrawn from the auction. The parcels marked in green have been sold subject to approval of the required sales requirements. Parcels marked in red show plots for which no bid has been made. These plots are reevaluated for future auction. Alongside each parcel is also shown the price it has sold for.