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Another Mega Home Auction Comes to Northern Virginia

By
Real Estate Agent with Integrity Real Estate Group

AuctionIf you were driving around Northern Virginia this weekend you couldn't help but notice the Auction signs scattered throughout the area.   This weekend was one of the three preview weekends for the big four day auction scheduled March 8-11 to try and sell over 500 properties in Virginia, DC and Maryland.

One of the different twists with this auction is that a number of the properties to be auctioned are NOT in the MLS.  Unless you have an agent who knows about this auction you may not be aware of some of the properties available.  Check out the auction site and you can view all of the homes available and the locations of the various auctions.

As with any auction if you are interested in a property you should make sure that you go to the one of the next open house weekends on March 1st or 2nd so that you can check out the property you are interested in.  Remember that when you are buying a property at auction you are buying the property "as is."  There is no home inspection contingency and once the hammer falls on the property you are the legal owner.  There is no 3, 5 or 7 day right of rescission so if you are the high bidder and you get buyers remorse your $5000 deposit is at high risk.

Make sure that you understand that winning bids will pay a 5% buyers premium to cover the auction company expenses.  Since the banks won't pay them the buyer does!  So if your winning bid on a property is $200,000 you will actually be paying $210,000.  This isn't an insignificant number so keep it in mind. 

This auction is much larger than the one last fall and there are more properties that are being sold under the category of "absolute" so there could be some good deals for those looking for a home to buy and investors looking to pick up a rental property.  As with any property make sure you have done your homework and know the prices of the last sales in the neighborhood.

Good luck and remember don't let auction fever lead you to bid more than you can afford or the home is worth!

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As an Associate Broker with RE/MAX Allegiance in Northern Virginia and native of the area I can assist you whether you are buying, selling or renting a home anywhere in Northern Virginia. For more information about the area or my services you can check VaRealEstateTalk or my Northern Virginia website.

Search all homes available in the Northern Virginia area.


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                                   Real People*Real Lives*Real Estate

If you are interested in learning more about the Northern Virginia Real Estate market including Alexandria, Arlington, Fairfax and Prince William Counties give Cindy Jones and Integrity Real Estate Group a call at 703-346-2213.

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Check out www.varealestatetalk.com and www.cjrealtygroup.com for more information.

Integrity Real Estate Group
 
Real People*Real Life*Real Estate

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Comments (14)

Richard Weisser
Richard Weisser Realty - Newnan, GA
Richard Weisser Retired Real Estate Professional

 

As an auctioneer in today's market, I can assure you that few will get caught up in the fever of an auction. Did you know that usually any property can be purchased PRIOR to the auction? If you have a client and they don't want to take a chance, have them make an offer before the auction and you might be surprised at the deal they'll get!

Feb 23, 2008 11:49 PM
Patricia Kennedy
RLAH@Properties - Washington, DC
Home in the Capital
Wow!  EBay with a twist!  And did you notice there are no DC properties on the list?
Feb 24, 2008 12:11 AM
Steve Hoffacker
Steve Hoffacker LLC - West Palm Beach, FL
Certified Aging In Place Specialist-Instructor
You mention 2 interesting things. You say that once the gavel falls the property is sold - not necessarily. You also say that several are to be sold absoulte. This is something the buyer and agent need to know before the sale. Sometimes the specific asbolute properties are not revealed until the the actual sale. Absolute means the property actually is sold regardless of price. Otherwise it is subject to a reserve and the highest bid does not have to be accepted by the seller. Think of it as an offer. Also just because something is "sold" doesn't mean it will close.
Feb 24, 2008 12:23 AM
Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News
Steve-if it the property is absolute they will announce it prior to when they start the bidding-that is what they did at the last auction.  If it is absolute and you have the winning bid you do not have the option to walk away unless your financing doesn't go through and your deposit could still be in jeopardy depending on the circumstances.  Each auction in our area has different requirements which is why I suggest that they go to the auction site and read the small print! Then preview the properties and know what they are doing before they go to the auction itself.
Feb 24, 2008 12:28 AM
Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News
Patricia-sorry but there are a stack of DC properties buried in the list!  Jump through the pages and you will find them. 
Feb 24, 2008 12:30 AM
Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News
Richard-this auction seems to be a bit different.  I was asked to hold one or two of the properties open (I couldn't do to a conflict with the auction date) and they weren't going to be sold prior to auction.  I know when I have had clients look at other auction properties they could make a bid prior to the auction.
Feb 24, 2008 12:33 AM
Joey Remondino
RE/MAX Preferred Properties - Vienna, VA
Broker, GRI, E-Pro
Yes, I saw the advertisements all over the place on this thing, maybe i will see you there.
Feb 24, 2008 12:38 AM
Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News
Joey-Nope I won't be at this one!  I'll be far far away on nice warm beach with a Cervesa :-)
Feb 24, 2008 12:43 AM
Chris Monahon
National Home Inspection - Newton, MA
As a home inspector in the Boston area, I provide "speed" inspections for auction buyers. Just a quick walk through to look for the nightmares, no we don't flush the toilets or operate the stove. Just a structural and pest job looking for "show-stoppers".
Feb 25, 2008 12:39 AM
Leo Vinteler
Stout Associates Realtors - Wyomissing, PA
Exqusite Service

As an agent who has diped in auctions, no matter what you can find some deals in our area at absolute auctions...

Good luck in business everybody...

Feb 25, 2008 11:14 AM
Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News
Chris-I have had an inspector come in and do something similiar to me on an "as is" property.  They found loads of termite damage and some structural damage.  The buyer passed!
Feb 25, 2008 11:21 AM
Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News
Leo-yes the last auction did have some deals and I'm on the prowl now for a new investment property. 
Feb 25, 2008 11:22 AM
Kevin McGrath
Long & Foster Real Estate Companies- Fredericksburg/Spotsylvania - Fredericksburg, VA
Long & Foster Real Estate Companies
I am very curious as to how this will turn out. I wonder if the investors are still on the sidelines. I sell a lot of REO's, but I am not seeing any investors, only owner occupants.
Feb 25, 2008 11:25 AM
Anonymous
cellulartraders

Even if you win the house and have the best credit still there is a chance that you will be turned down. Good luck.

Feb 02, 2009 07:51 AM
#14