25 condos are being auctioned at Harbor Pointe in Stillwaters on July 7th. Five of those will be absolute. This auction follows on the heels of one earlier this spring. Is this a sign of the times on Lake Martin? Does this signal an end to the seller's market? Are auctions a way to get a good deal on Lake Martin property?
Like any real estate transaction, every auction is unique. The person that does the homework will either come out of it with a fair price or avoid paying too much.
What questions should buyers ask before attending an auction at Lake Martin?
1. Is this an absolute auction? Always clarify this, but usually an absolute auction means that they must sell on that day, regardless of price. Even if someone bids $1 for a Lake Martin condo, they must sell. If it is not absolute, then ask what the reserve price is. I'm sure they won't tell you that, but no harm in asking.
2. How many / which parcels are absolute? The Harbor Pointe auction will have 5 out of 25 absolute. But, if you see an ad for a different auction that says "40 condos for sale, absolute auction" maybe only 2 will be absolute. You want to be clear as to which are absolute and you want to make sure that you're under the tent when they're selling the absolute ones.
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