I, as a Realtor took a trip to the Auction over the weekend with my client.
Before we went we both had to sign in with REDC on line.
•· Start time: 9:30.
•· Check in start time 8:00
We got there at 8:00.
•· Actual open time: after 8:00.
Employees were sitting at the table with the letter of your last name posted behind them..
I was told the client must check in with the Realtor.
So I stood in the line with my last initial, once in line, I was told wecould move to the Realtor check in, once in the Realtor check in, I was told my client must check in first, under his last name, then come back to the Realtor check in.
•· Let me help, if you choose to go this will save time....
Have your client stand in line and realtor go to Broker check in and wait for your client to check in, then join you.
•· Once in: we got a place up front.
The speakers walk you through what needs to be done before, during and after, to purchase these homes.
In speaking to other attendees, who were sitting around us.
These people came for possible multiple home buys.
•· You must bring a Cashiers check addressed to you for $5,000. This must be present at check in.
•· Personal or business checkbook to cover the remainder, totaling 5% earnest money deposit,
once your home is ultimately your winning bid.
•· If you are buying multiple houses, you must bring $10,000 Cashiers check per additional property.
•· There were 4 designated lenders there, you must use these lenders to finance.
•· If you want a fixer upper you must use Wells Fargo or all cash. Wells Fargo is the only lender who was doing renovation loans.
What is a renovation loan
http://www.renovationloans.com/homeowners.html
Most homes were selling at prices that I could get my clients, outside of Auction.
We left after a few hours.
•· Ending time was estimating to be 5:00 P.M.
My client had a qualified amount the homes he was willing to bid on went for $25,000 over the amount he was looking to pay.
We found a short sale wrote a lower offer on that same day.
I will keep you posted on how this offer goes.
In closing,
I would say, I was happy to go and learn what was going on within the Auction.
And that, I have one more thing under my belt, to help my clients make educated decisions on their next home purchase.
Auction or not, buying a home now is one of the best decisions you can make.
Denise Stuart
Coldwell Banker
408-893-3400
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