Buying Homes Via Auctions-An Experienced Opinion
Some foreclosed homes are being offered lately for sale via auctions & as such, are listed on for sale on the MLS with various brokers with information about either a specified auction time/date/place and/or an on-line pre-auction bid process. Don't overlook these offerings because of inexperience with an auction or the inconvenience of the auction time/date/place. My recent experience with buyers/investors indicates in many cases, some great deals can be had on these vacant foreclosed homes as follows:
(1) Use Team Tollefson of RE/MAX Real Estate Properties who can offer you advice on location, condition etc. so that you make an informed bid.
(2) Preview the selected home as soon as possible with Team Tollefson of RE/MAX Real Estate Properties so you can take the amount of time you need to review it in-depth without having to compete with the general public during the very often limited pre-auction open house promotions.
(3) To make a bid, have Team Tollefson of RE/MAX Real Estate Properties make use of the pre-auction on-line bid process if available & disregard the actual auction time/date/place as often not convenient, a lengthy process & often not for the inexperienced buyer to attend.
(4) Prepare your base bid as follows: If a townhouse, consider offering a minimum of 50% or more of the 2009 tax market value. If a single family detached home, consider offering a minimum of 66% or more of the 2009 tax market value. Recent experience indicates that offers less than these percentages often do not get accepted at either the pre-auction on-line bid or at the actual auction itself.
(5) Final bid price
is arrived at by adding to your base bid, an additional 5-10% (buyer's premium). This buyers premium will be charged to buyer by the auction house whether or not your are using a Realtor no matter the bid process, so it makes good sense to take advantage of the experience/skills of Team Tollefson of RE/MAX Real Estate Properties to save you time, money & get you the property you want.
Buying Homes Via Auctions-An Experienced Opinion
Some foreclosed homes are being offered lately for sale via auctions & as such, are listed on for sale on the MLS with various brokers with information about either a specified auction time/date/place and/or an on-line pre-auction bid process. Don't overlook these offerings because of inexperience with an auction or the inconvenience of the auction time/date/place. My recent experience with buyers/investors indicates in many cases, some great deals can be had on these vacant foreclosed homes as follows:
(1) Use Team Tollefson of RE/MAX Real Estate Properties who can offer you advice on location, condition etc. so that you make an informed bid.
(2) Preview the selected home as soon as possible with Team Tollefson of RE/MAX Real Estate Properties so you can take the amount of time you need to review it in-depth without having to compete with the general public during the very often limited pre-auction open house promotions.
(3) To make a bid, have Team Tollefson of RE/MAX Real Estate Properties make use of the pre-auction on-line bid process if available & disregard the actual auction time/date/place as often not convenient, a lengthy process & often not for the inexperienced buyer to attend.
(4) Prepare your base bid as follows: If a townhouse, consider offering a minimum of 50% or more of the 2009 tax market value. If a single family detached home, consider offering a minimum of 66% or more of the 2009 tax market value. Recent experience indicates that offers less than these percentages often do not get accepted at either the pre-auction on-line bid or at the actual auction itself.
(5) Final bid price is arrived at by adding to your base bid, an additional 5-10% (buyer's premium). This buyers premium will be charged to buyer by the auction house whether or not your are using a Realtor no matter the bid process, so it makes good sense to take advantage of the experience/skills of Team Tollefson of RE/MAX Real Estate Properties to save you time, money & get you the property you want.