I thought it would be great to hear from those of you who attended and bid on homes this past weekend. Did you sense that most properties went at or around market, or were there some really good deals? What about the process did you like? Would you do it again? Would you recommend an auction to your clients?
Nancy, I have always wanted to go to a foreclosure auction but never seem to get the time.
I'd love to hear you describe your take on it. What actually happens? Who shows up? etc.
Also, welcome to Active Rain.
I have been to a few in the past and here is what I know..... The Auction is normally heavily advertised to get buyers hyped up about getting a good deal. The firm may publish a catalog or put homes online to allow the public to get basic information about the property. The public can attend a pre-view to look at specific properties of interest or schedule a showing through an agent (many of these properties are already on the ML). Buyers must bring a cashiers check or cash in the amount of 3K and must be able to produce the balance of the funds needed in 30 days. At the auction they go in order of an auction program or catalog and sometimes homes are taken out of the auction if they have sold prior to the auction date.
Hudson and Marshall allowed buyers to register with their buyers agents who could receive a 2% commission on the purchase.
It is pretty exciting.
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