nc real estate auction: Is Obama Hurting or Helping the Real Estate Industry?
- 06/16/09 09:59 AM
Like many of you, I get e-mails and magazines from the National Association of Realtors and from my state association wanting me to write my representatives and endorse many things the Obama administration are proposing to "stimulate" the real estate industry. Now the Obama administration has proposed to pay each lender $1,000 for each successful short sale. In addition, they want to pay the homeowner $1,500 as "moving" money. They will pay the first lender $1 for every $2 the second lender is allowed to receive. While this may loosen up the lenders a little to accept more short sale, now … (0 comments)
nc real estate auction: Will The Feds Make the Lenders Whole?
- 11/10/08 05:12 AM
Recently, I received a few calls from some real estate investor friends of mine here in North Carolina venting their frustration with working out short sales with some lenders. It seems some lenders are stalling in making any decisions as to whether they will release a mortgage for less than what is owed. If you have a buyer waiting for a decision from the lenders, believe me, they will not wait around very long. It seems some lenders may be unwilling to short sale the property thinking that the Federal government will purchase these bad loans at par, thus no need … (0 comments)
nc real estate auction: Should Realtors Become Auctioneers?
- 09/11/08 04:53 AM
I received an interesting phone call from a realtor in California. She had read some articles I had written about using an auction as a first choice method of selling a home, rather than as a last option. Her question to me was this, "Should I become an auctioneer?" My first tacit thought was, "Go for it!" Yes, auctioning a home is a fast way to sell it, but not all homes will qualify for an auction. But before I get into answering the question, let me discuss briefly what an auctioneer does and does not do. Some think that an … (0 comments)
nc real estate auction: IS THERE A REAL ESTATE TURN AROUND IN THE MAKING?
- 07/25/08 02:38 AM
In an effort to turn around the depressing attitude of many realtors across the country because of the market we are in, some local North Carolina real estate publications are trying to put a positive spin on the market by stating that 2009 will be good year and that preparation needs to be made now to take advantage of the 2009 "turnaround." Yet, several of the major on-line networks reported this morning that foreclosures doubled during the first half of this year and that 2009 doesn't look any better. As a North Carolina auctioneer, I have tried and tried to approach … (5 comments)
nc real estate auction: Who Pays the Marketing Fee for a Real Estate Auction?
- 06/11/08 11:56 AM
The simple answer to the question is the seller pays the marketing fee but it can be paid in various ways. In today's upside down real estate market where the seller normally needs to sell quickly, the auctioneer will find that many homeowners are unable to front the marketing fee due to their current financial situation. The auctioneer and homeowner can decide on several options. For example, if the homeowner agrees that the auction will be "absolute", viz., sold to the highest bidder regardless of price, then our firm will front the marketing fee for the homeowner with the agreement that … (0 comments)
nc real estate auction: Passive Seller vs. Motivated Seller
- 06/03/08 12:51 PM
We receive calls from homeowners who are considering an auction as a method of selling their home. These potential auction sellers will basically fall into two categories: a passive seller or a motivated seller. The passive seller has a predetermined dollar figure in mind they want from the sale of their home. In a lot of cases, it is very unrealistic. They are very demanding of the auctioneer. They do not want to spend a lot of money in marketing the property for an auction, but they want a lot of people to show up at the auction. They have been … (0 comments)
nc real estate auction: What is a Ringmen?
- 05/29/08 06:32 AM
I recently went to a large auction out of curiosity. I didn't bid but just watched. I saw men and women jumping around, moving among the crowd, yelling, "Yes" or "Yep" or something to that affect, flinging their hands up in the air. I asked someone what they were doing and I was told they were Ringmen? What is a Ringmen? Ringmen are the men or women who stand in the crowd and relay the bids to the auctioneer. Other terms such as bid spotter, bid assistant or ring person, do the same thing. All refer to the person taking bids … (0 comments)
nc real estate auction: What If My House Doesn't Sell at Auction?
- 05/22/08 01:56 PM
There are basically two type of real estate auction. An "absolute" auction is where the property is sold to the highest qualified bidder with no limiting conditions or amount. The seller may not bid personally or through an agent. Also known as an auction without reserve, this type of auction means the property will be sold to the highest bidder regardless of price. A "reserve" auction is when the seller or his agent reserves the right to accept or decline any and all bids. A minimum acceptable price may or may not be disclosed and the seller reserves the right to … (4 comments)
nc real estate auction: A Real Estate Auction Should Not Be A Last Resort Method
- 05/16/08 10:03 AM
Someone recently asked me if an auction should be the last resort to sell their home. She and her husband lived in a nice neighborhood where the homes and yards were kept in pristine condition. They thought their home would sell pretty fast. They had listed their home with a realtor with a six month listing agreement. Since then, they have had very few showings. The agreement expires at the end of the month and they are not sure what to do. It was her understanding that selling a home by auction was only for distressed properties, like foreclosures, or government … (0 comments)
nc real estate auction: Do I need an Auctioneer?
- 05/12/08 09:56 AM
I own my home and have been thinking about selling it and moving to another state. I have talked with several realtors and just can't get excited about listing my home with them, especially in today's real estate market. I need to sell quickly. I have been doing some reading about auctions. It seems home auctions are becoming more popular as a way to sell homes fairly quickly. My question to you Ron, is, why can't I just auction the home myself? As owner of your own home, you could but do you really want to? You could operate on yourself … (0 comments)
nc real estate auction: What is an "owner confirmation" auction?
- 05/06/08 02:22 AM
I recently attended a real estate auction whereas the auctioneer stated that the winning bid would be "subject to the owner's confirmation." Was this really a "reserve" auction?
There is really no difference between selling real estate at an auction with a reserve or selling real estate at an auction "subject to owner's confirmation." In essence, both of these auctions are "reserve auctions." Unless a property is advertised as an "absolute", meaning the property is sold to the highest bidder with no limiting conditions or amount, it is a reserve auction. In the reserve or subject to owner confirmation auction, the seller may … (0 comments)
nc real estate auction: What is a Buyer's Premium?
- 05/04/08 09:11 AM
The use of a buyer's premium is a way of paying the Auctioneer for his or her services. The buyer's premium shifts the payment of the Auctioneer's commission from the seller to the buyer at auction. The buyer's premium is a fixed percentage of the sales price that is collected from a successful bidder in addition to the amount of the successful bid. For example, if the highest bid at a real estate auction is $200,000, and the buyer's premium is 10%, the sales contract will be written up for $220,000. Auctioneers traditionally have been compensated through the payment of a … (0 comments)
An informative blog discussing new ways of selling residential and commercial real estate in the state of North Carolina using professional real estate auctioneers.
Like many of you, I get e-mails and magazines from the National Association of Realtors and from my state association wanting me to write my representatives and endorse many things the Obama administration are proposing to "stimulate" the real estate industry.
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