While foreclosures vary in regulations and procedures compared to privately-owned homes, buying one doesn’t have to be as scary as a trip to a haunted house. There are many advantages to buying a foreclosed home, and knowing the process is key.
A foreclosure is the process of taking possession of a mortgage property because of someone’s failure to keep up with mortgage payments. This is termed as “defaulting” on a mortgage. It can be a lengthy process and specifics vary from state to state. If the default is not resolved by the allotted deadline, the lender then sets a date for the home to be sold at a foreclosure auction. At this auction, the home is sold to the highest bidder for cash payment. If a third party does not purchase the property at the foreclosure auction, the lender takes ownership of the property, and it becomes a bank-owned or real estate-owned (REO) property. Read the rest of this entry »
Buyers and sellers alike are most often drawn to live, open-outcry auctions in real estate. Who doesn’t love the excitement of a fast-talking auctioneer and a competitive crowd angling for the winning bid of a much-coveted property? Our recent survey showed that once again, this type of auction ranked number one as the most successful among our clients in selling a property. Although this appears to be the norm, Sealed Bid auctions are starting to make more noise in the industry. While the Sealed Bid auction rated in last place under most successful auction type, this option comes with many benefits when dealing with specific sales. Read the rest of this entry »
Once again, we conducted our Annual Survey and polled real estate auctioneers nationwide this past January. Our clients provided answers to a range of questions about industry activity in 2012 and their projections for 2013.
Topics covered in our survey:
Single family homes, condominiums and coops were the most common type of residential property brought to auction as reported by our auctioneers.
For more charts and numbers download our annual survey of the real estate auction industry
Auctioneers were asked to provide us with the most common commercial property type brought to auction – this time Industrial/Warehouse and Agricultural ranked number one. Read the rest of this entry »
Time has become the second most sought-after commodity next to the almighty dollar. Since sprawling manses and other sizeable dwelling places require considerable upkeep, the allure of the low-maintenance home is once again becoming extremely popular. This week, we’re checking out some prime townhouses hitting the auction block – the ideal combination of living in comfort and convenience.
Take a look at Auction.com’s 1,320sf 2-bedroom, 1.5-bathroom townhome in Blue Bell, Pennsylvania. A living room with fireplace, dining room, kitchen and full basement are included in this spacious property along with plentiful parking space and use of the community pool. You can even bring your favorite four-legged friend along since the complex is pet friendly. PA is picking this one for its opportune location – an easy commute to Philly and mere minutes from the new Route 202 Bypass. Bidding starts February 27th and ends March 2nd. Read the rest of this entry »
The restaurant industry is always bustling with trendy new establishments and the latest swanky eateries. Atmosphere and ambience are essential when it comes to popular dining, so finding the right building is key to a skyrocketing client base. This week we’re checking out some restaurant properties up for auction that would definitely fit the bill.
Check out Tranzon’s Waterfront Mariner’s Mile Restaurant in Newport Beach, California. Built in 1997 with 90’ frontage on the West Coast Highway, this 9,474sf freestanding 2-story building offers multiple dining areas, a banquet room and piano bar with 312 maximum occupancy. Sitting on a 21,500sf lot, this property showcases two 69’ docks with side ties for 8 spaces. PA is picking this one for its off-the-charts spectacular waterfront view of Newport Harbor. Auction date is February 28th. Read the rest of this entry »
Business owners and entrepreneurs often seek office space that is multi-functional. Whether they need warehouse storage or a residential option for when they work those overnights, finding commercial property that can serve various purposes is always a plus for owners and investors. This week, we’re looking at some prime multi-use commercial real estate auctions of properties that can wear many hats.
Check out Auction Advisors’ Bronx, New York property that’s basically got it all, complete with a commercial building, garage and 2-family residential space on a large and gated (yup, GATED!) 50×100 lot with private parking. Located just a stone’s throw from Fordham University and historic Little Italy, this property has an ideal location for client traffic as well as convenient city proximity. PA is picking this one for its many lucrative potential uses including a factory, auto body shop, warehouse, storage and rental possibilities. Auction date is February 13th.