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Foreclosure Auction

By
Real Estate Agent with Desert Sun Realty

Man have I been busy. Last Saturday and Sunday I sat at an open house for a home that was getting ready to go to auction this Sunday (August 5th).

There are going to be about 90 homes up for auction this Sunday, all of which are bank owned. The auction company is Hudson and Marshall.

I've never looked at auctions before because I have been under the predjudice that they are not a good deal, agents don't get paid, the process leans in favor of only the seller, etc. Sort of like going to court house steps.

The thing I have found out about these is that

  1. There is no reserve
  2. 30 day escrow
  3. 2% paid to agents (Doesn't affect bid price negatively)
  4. Seller pays for title insurance (free and clear title is transfered)

Probably some other reasons why I am looking at these differently, but one cool thing I heard is that while sitting at this home in Rhodes Ranch which is listed on the MLS at over $500,000, I ended up talking to an investor who went to an auction a month ago and picked up a home 230k under appraised value. The guy was pretty smart in that he knew it was not worth the appraised value, but that it would be in a few years after the market picked back up. I talk to way too many people who have a refi appraisal and want to sell for the appraisal price. Ain't going to happen bub.

So I am going to be at the auction this Sunday in Las Vegas at 1pm. I have already comped all the properties and have BPO's on about 26 of the 90 right now. I'll have the list with me so anyone who is interested give me a call or an email and I will get you set up. Also, I can represent you and do all your paperwork and provide assistance for no charge.

This is my first auction and I am looking at it as a learning experience, but it should be fun and proffitable for everyone... except, hopefully, the bank!

www.Johncalvert.net www.lvfsboinfo.com www.whymyhomedidntsell.com

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