» Real Estate Auctions

  • Real Estate Auctions and Bidding
    By admin on February 24, 2009 | 71 Comments71 Comments  Comments

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    Real estate auctions are on the rise in the present times. There are many asset holders who are putting their assets up for public transactions because this is the way they intend to make a lot of money. Rather than selling their assets directly, selling them in a competitive environment will fetch them a higher price because people will compete with each other for offering the highest monetary value that the asset is expected to be worth. For an asset to command high value it should be made worthwhile. It should be a hot saleable product. It should be able to attract the attention of buyers.   

    Real estate auctions put beautiful assets up for public transactions. Ordinary looking assets can be put on for transactions but they will not fetch good profits. If they are to fetch good profits they should be beautified and renovated with plenty of closet storage and spacious rooms. People will not like to purchase assets that have a lot of lacunae. Before bidding on an asset, a prospective buyer will take a look around the asset. He will check each and every part, and each and every system to see if they are defective. Constructions that are absolutely flawless are the ones that are going to attract the attention of people and fetch a huge amount of money for the possessor. In real estate auctions of such assets people will really compete with each other to quote rates that can stand out to be the highest.

    Assets that are strategically well located and connected with the city and those that are in areas with modern amenities are the ones that can be quoted high. Assets that belong to famous families are also quoted high. People would like to purchase such assets as status symbols and therefore will be ready to pay up enormous amounts of money for them. But one should bear in mind that one should bid within a reasonable limit. People should not bid for competing with other bidders. They should go further with their bids only if they really think that an asset is worth the amount quoted.

    Real estate auctions give ample scope for fraudulency. The auctioneers might not be doing a fair job. They might be using some people as their agents. These people will start quoting when the process commences and will do so in between also to raise the monetary worth. These agents are paid by the possessors of the assets for fetching them buyers. By quoting some amount of money that way they will challenge other people to quote higher than them. In such a case one might find himself quoting an amount far higher than the actually worth of the asset. One might also buy the asset and then find that he has been through a bad deal.

    One should read up reviews of assets in popular and authentic asset magazines and also find out the realistic value of assets in real estate auctions from the different asset markets to form an approximate idea of the actual worth of the asset before taking part in the bidding. This will give one an idea of the range within which one needs to quote. If rates are higher than the range is quoted one can safely withdraw from the bidding as the asset will actually be not worth that much. While considering the price to be quoted, one should also take into consideration the amount of money the asset will be worth in future.

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  • Real Estate Auction For The Highest Bidder
    By admin on February 23, 2009 | No Comments  Comments

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    Real estate auction involves placing an asset on sale at the highest stated price by the available clients. In the present times it is not an easy task to locate an asset that is worthwhile and at the same time reasonably priced. All assets are priced more than their actual worth due to some reason or the other. This is the reason people are opting for government loans to purchase assets. But unfortunately many people are not able to pay back the government the entire money that they have loaned for purchasing the asset and as a result the government is forced to foreclose the loan amount and place the asset on sale by bidding.

    A real estate auction is a very common thing to witness in the present times. Government loan foreclosure due to incomplete payment of debts is not the only reason for an asset to be sold in this way. Sometimes people who purchase other assets try to sell of an asset at its highest monetary worth. This is only possible when the customers compete with each other for offering high amounts of money for acquiring the asset. When an asset is put on an ordinary sale it might not fetch that much amount of money as it might if it were sold in a competitive environment.

    Before placing an asset on a real estate auction one should be able to assess the monetary worth of that asset. Generally the assets that are located in areas of high demand and those that are impressive on their own are the ones that are going to fetch a high amount of money for the possessor. Assets that are located in important areas of the city and which are easily connected to the rest of the city are the ones that are in great demand. Assets that have a lot of amenities like a super specialty hospital, a departmental store, a good school, offices, storage facilities and amusement venues are the ones that score high in demand. They are the ones for which people would like to pay any amount of money within a reasonable limit.

    People fall for an asset on a real estate auction when it is impressive to look at. First of all it should be well maintained. Both its internal and external premises should be kept in a neat manner, well organized and spacious. Structures with no repairs are the ones that command a lot of monetary worth. Before placing a house on sale it should be renovated. Assets with modern features and amenities are the ones that score high on the desirability list of purchasers and people will compete with each other for purchasing these assets. The bottom line is that if an asset looks desirable for the customer he will be ready to pay any amount of money for it and he will compete with others for acquiring that asset.

    The asset that is on a real estate auction should assume the standard of a coveted possession in the psyche of the purchaser. Then only can it be expected to yield a whooping profit to its possessor, otherwise one cannot expect it to be sold in a competitive environment in a profitable way. The sale will end without any fruitful results and in such a case the outcome may turn out to be worse than expected because the asset might have to be auctioned off at a really low rate.

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  • Real Estate Auction Online and On-Site
    By admin on January 16, 2009 | 77 Comments77 Comments  Comments

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    A real estate auction is a favorite hunting ground for all property lovers. These are the best places to find some of the unique and antique pieces of properties. These residential property or self storage auctions are available in two ways such as on location auction and sometimes online auctions. Both these kinds of auctions have their own advantages, but the recent trends reveal that online auctions are now a hot favorite among the users. In these online auctions, users have the opportunity to view details of several properties. These properties are displayed with a detailed description on all features and uniqueness of the properties. Usually in an online real estate auction , there are fixed number of days for which the bidding is carried on. Bids are invited from prospective buyers within the time frame provided. The bidding is recorded and deal is struck as per the highest bid. Usually the coordinator takes a note of all bids and a record is made for future references. There are still many places even now, where auctions are carried out in the traditional way as it has been done in the past, several years ago.

    Sellers gain a great deal from these auctions. In any real estate auction there are numerous kinds of sellers, who participate to get a good deal for the property. In any such auction, you may find a first time seller, commercial sellers who try to make the most, individual sellers, fiduciary seller and other small individual sellers. Since these are considered to be one of the only places where you can strike a good deal, the sellers eagerly wait for the auction season. Now, with the advent and popularity of internet, online auctions take place all through the year, but still there are many people who prefer the location auctions.

    In auctions the sellers have several advantages. The sellers are able to reach out to a number of prospective sellers, thus providing the seller a huge exposure which would have otherwise been totally impossible. In such a real estate auction the seller is guaranteed to get a good deal, as they are able to reach out to a larger number of people. There are several websites that are popular for being an online auction site, where auctions are carried on almost all year round. Even if you are not interested in making a purchase, you can view the details of several properties in these sites, from where you can get an idea of some of the best properties of earlier days. So just login to an online auction site and view some of the antique pieces of furniture that is displayed there.

    Those who do not wish to use the internet or are not comfortable using the internet in making any purchase or sale, can take part in the on-location auctions. On location implies that an auction is taking place at the site where the items which are to be auctioned are kept or are existing. On location real estate auction is one the oldest forms of auction that is prevalent since many years and has been one of the most popular forms of making purchases and selling some older antique furniture. These auctions are held several times in a year and often advertised in local media so that the people are aware of the ongoing events. Usually such an auction is attended by lovers of properties, who make some observations of the property that is sold or bought at these places.

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  • Real Estate Auctions to Sell A Property
    By admin on January 6, 2009 | 77 Comments77 Comments  Comments

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    Real estate auctions are some of the best ways to bring in reasonable price for a particular property. The greatest advantage of such a method of selling is that this process gathers a number of buyers at one place at one time and they can compete among themselves for the property. Instead of vending the property to various buyers at various prices and finding the best deal, the matter is settled in a few hours and the best price is easily found among them. This saves time and their property is quickly disposed of. Sometimes a minimum price can be set and this price is often surpassed and that means the property is sold for a price more than the one normally expected.

    Normally a commercial, residential or storage real property takes a bit of time to dispose. The seller has to show the property to a number of interested buyers and negotiate with each of them individually to get to the acceptable price and this may not always be the best available price. But if the sellers go through real estate auctions the transaction gets faster. The process of suction itself is very quick. The best thing is that you can get all the prospective buyers at the same place at the same time and this saves the time of individual negotiations. Generally the buyers at a property auction come prepared for the bid. They also make a judgment of the property under hammer and this saves the time for negotiation related to any damage or depreciation of the property. The sale is finalized just after the bidding ends.

    Real estate auctions can be of both the no reserve type and the minimum bid type though the later is the commoner practice. In the no reserve auction the highest price the bidding process arrives at may or may not cross the minimum price expected by the seller. But as per the rule the highest bidder gets the property. Such bids are often beneficial for the buyer because the person can get a property of worth at an unexpected price.

    However, the most popular form of real estate auctions is the minimum bid type. Here the seller of the property sets a minimum value for the property that they are ready to sell the property for. So the bidding process starts from there. The highest bidder then gets the property as per the practice. But often it is found that the bidders come prepared for bidding only the minimum and the property goes for that price only. In some cases, when there is prestige attached to a property, the bid may fetch very attractive prices. Sometimes the seller can go through reserve auctions where he reserves the right to accept and sell the property to the highest bidder subjected to some conditions.

    Normally, people have a notion that properties sold through real estate auctions are distressed properties. But the fact is not always so. It is true that normally the auctions sell off foreclosed properties. But on the other end of spectrum there are the high-end properties having some sort of prestige value attached to them and these are also sold through auctions. The reason of such sale is that the process of sale involves minimum time and maximum exposure. Irrespective of the nature of the property, the buyer can often get a good bargain at an auction. The simplicity involved in the process is making the auctions of real properties popular and more and more seller is taking to it.

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