Going Sold

Daniel Motz, a Realtor with Coldwell Banker Residential Brokerage said, "The auction is over and the property
is sold. There are no inspections, no waiting for loan approval, and, in their minds, no nonsense."
The growth of guardianships by an aging population that is leaving estate planning to their children also has fueled the sale of real estate at auctions. People get older, they can't take care of themselves. They get moved into nursing homes. Their famlies don't want their houses, and the houses many times need extensive repairs. Generally, they're in very good areas and they require people who have the ability to fix them up. Many properties are turned down for auction because of the unreasonable expectations from the property owner. If a market is saturated with homes for sale and few have sold recenty, it likely won't make sense to hold an auction. It's a colossal waste of time if you bring a property to the marketplace that is overpriced. Buyers are put out, sellers are put out, auctioneers are put out, and everybody walks away disappointed.

Working with the real estate brokerage community spurs interest in auction properties, say auctioneers, who typically share commissions with Realtors. Real Estate salespeople have access to more buyers and will direct them to auctions if a property meets their criteria. Most auction houses charge a buyer's premium to pay commissions. The premium varies within the industry, but typically ranges from 5 percent to 10 percent of the sale price, according to brokers. A lot of people do not have the patience to have a lot of people come trampling through their house. At auction, the sale is usually completed three to four weeks after the contract is signed. It's finished business; it's either sold or it isn't sold. Most of the time, obviously, it's sold- or they wouldn't do it.

Scott Frank is the owner of Mr. Charles Marketplace, a deli and gourmet market in Stevenson. He recently sold his home, also in Stevenson, at auction for $3,000 more than he expected. Rather than having different Realtors set appointments and carry on through your house at different times of the day, this why you have a group of people who are interested in your house coming together at one set time. Frank attended several auctions before deciding to sell his home that way. The auctioneers he chose presented him with comparable real estate sales, gave him an estimate on the sale price and recommended that he make some minor improvements to his house. A few weeks later, the house sold for $450,000 and settled 30 days later. Frank was also happy to avoid paying the closing costs commonly associated with conventional listings. At auction, the buyer owns the property from the date of the bid, even though the transfer of the deed hasn't occured. Consequently, property taxes, water and sewage and common-area electric become the responsibility of the buyer from that date onward. "I saw the simplicity of it," he said. " It's Immediate cash. People come with a certified check, usually for 10 percent of the selling price, and buy the property as is." When you list with an agent and you state your price you're saying "This is the most I expect to receive" You don't really know what the market will bring, because it's always based on the price you stated. But when you have 40 motivated buyers who are all qualified and have shown up with $20,000 each in earnest t bid for your property, you've left it up to the highest bidder to decide how much your property is worth. It can be an incredible experience.

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