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.

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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 CJ Realty Group, Inc a call at 703-346-2213. 

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14 Comments on Another Mega Home Auction Comes to Northern Virginia

FEB
24
2008
1,499,868 Points 354 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

 

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!
7:49am • #1
1,911,854 Points 385 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master
Wow!  EBay with a twist!  And did you notice there are no DC properties on the list?
8:11am • #2
1,739,972 Points 20 Featured Posts Outside Blog Attended Rain Camp Called Shot Master
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.
8:23am • #3
1,525,087 Points 163 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master
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.
8:28am • #4
1,525,087 Points 163 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master
Patricia-sorry but there are a stack of DC properties buried in the list!  Jump through the pages and you will find them. 
8:30am • #5
1,525,087 Points 163 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master
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.
8:33am • #6
3 Featured Posts Attended Rain Camp
Yes, I saw the advertisements all over the place on this thing, maybe i will see you there.
8:38am • #7
1,525,087 Points 163 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master
Joey-Nope I won't be at this one!  I'll be far far away on nice warm beach with a Cervesa :-)
8:43am • #8
FEB
25
2008
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".
8:39am • #9

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...
7:14pm • #10
1,525,087 Points 163 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master
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!
7:21pm • #11
1,525,087 Points 163 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master
Leo-yes the last auction did have some deals and I'm on the prowl now for a new investment property. 
7:22pm • #12
127,267 Points 3 Featured Posts
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.
7:25pm • #13
FEB
02
2009

Even if you win the house and have the best credit still there is a chance that you will be turned down. Good luck.
cellulartraders
3:51pm • #14

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