Thankfully, Oregon has been one of the better states so far in terms of foreclosures and defaults...having had less problems than many states. Additionally we have been lucky in not seeing the drastic reductions in home prices. It seems, though, that the challenges for the builders has been tough. This weekend there was a write up in The Oregonian explaining that a custom builder, Buena Vista Custom Homes, will be auctioning off 248 brand new custom homes in Oregon and Washington. With the bidding starting as low as $69,000.00, there are sure to be some great deals on purchases! This is a process that is new to me with the new homes, and it should prove interesting to watch and learn about.
I went online and explored the entire process, so I wanted to share my research findings with you!
- Registration and attendance are free -- you must register online here.
- The homes are listed on the auction's website -- with photos, square footage, starting bid, etc.
- There is an inspection period to ensure the quality of the home(s) you will be bidding on.
- Down payment requirements are very low -- usually 5%.
- Realtors/Brokers are welcome to participate -- as long as they are with their clients throughout the inspection process and the bidding. Also, form must be filled out prior to purchase. Click here for more details.
- Financing can be obtained through Countrywide -- or you can contact me to be pre-approved. :)
- The auction sessions are on December 15th and December 16th at the Oregon Convention Center.
This is an excellent opportunity for purchasing. Make certain that you do your homework, investigate the property during the open inspection period, check into the detailed legal descriptions, and make a very educated decision. I look forward to hearing your thoughts on this opportunity. And, if you have ever been involved ina situation like this before, please let us know, here, how it works from your perspective! I will be watching, reading, and writing! :)
**UPDATE ** Congratulations to buena Vista Cut=stom Homes and their newest home owners. Auction results can be found here.