Single Asset Residential Auctions Still Strong

October 23rd, 2008 by PA - Bloger

Colorado Real Estate AuctionWith the downturn in the marketplace more and more auctioneers are getting in on the bulk ballroom auction sales. These sales are mostly impersonal but certainly effective for an institution looking to quickly dispose of hundreds of properties in one day. We have noticed that auctioneers who have traditionally performed on site auctions for a single residential property still exists.

The challenges that they face are new. No longer can a real estate investor of a single residential property buy today at one price and sell tomorrow at a higher price. So what’s the secret to success these days with this type of auction? It comes back to the same tactic that all auctioneers use right now to create a sense of urgency for buyers. That’s offering the property either at absolute auction or at a published reserve price that is just so low that any reasonable investor in the area would be foolish not to buy.

This is certainly the case for Luxury Real Estate Auctions offering 2509 Ogden St in Denver, Colorado next month. It’s a beautiful townhome built just in 2000 and is offered at a published reserve of $155,000. According to industry locals this is a slam dunk price for this property and should attract a ton of buyers to the auction sale. The auction price, of course, will determine the true market value for this property.

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2 Responses

  1. If…You’re buying from the Bank…
    You’re using the Bank’s Lender…
    You’re using the Bank’s Escrow Company…
    Who’s working for YOU and YOUR Client???
    These Lenders are inundated with these loans. They have no time or desire to give you or your clients the time or the answers you deserve. They have your buyer’s sign a penalty clause for not closing on time, then proceed to delay the closing themselves by not completing required repairs on time or by not signing the paperwork in a timely manner. I have been successful at forcing the seller to close and get my buyer’s a seller credit for the required repairs and closing “as is.”

  2. kerby says:

    i am in the process of going to a couple of auctions i am kind of new at this.I was wondering is anyone know if it is possible to purchase a property with 50% and be given 5 months to come up with the difference.

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