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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Houses for Auction....
Just curious, but I have seen more and more houses (two just today!) on MLS that are "auction".
but is it really an auction?? You just put your bid in like you normally would.
Are they just trying to start a bidding war?
I didnt see this at all last year, do you guys think it means that prices are decreasing? (more than they already are?)
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Posted 6/22/06 2:03 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: Houses for Auction....
We looked into 2 auctions. Both worked where you went to an OH a day or two before the auction, brought a cashier's check for $10k the day of and then put your bid in. It is a private bid in that you don't just stand around and raise your hand as a number gets auctioned off. The house is supposed to go to the highest/best offer. Then within 24hrs you have to come up with 10% for the house...and 10% for the auction house.
So theoretically, if you've won the house with a bid of $365k, you're really paying $401,500. I *think* you can roll the auction house fee into you mortgage, but I can't remember.
ETA: From what I've read, an auction is the last step before foreclosure.
Message edited 6/22/2006 2:28:00 PM.
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| Posted 6/22/06 2:25 PM |
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Tah-wee-ZAH
Kisses
Member since 5/05 15952 total posts
Name:
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Re: Houses for Auction....
Auction is not necessarily the last step before foreclosure. There were two houses in my Dad's neighborhood that sold their house by auction instead of going the traditional RE agent/listing route. With the length of time so many houses are sitting on the market these days some seller's (even if the payments are up to date or paid off) are taking the auction route to sell their house in one day.
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| Posted 6/22/06 3:00 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Houses for Auction....
Posted by Tah-wee-ZAH
Auction is not necessarily the last step before foreclosure. There were two houses in my Dad's neighborhood that sold their house by auction instead of going the traditional RE agent/listing route. With the length of time so many houses are sitting on the market these days some seller's (even if the payments are up to date or paid off) are taking the auction route to sell their house in one day.
I think this is more of what I am seeing/asking about - the houses are listed w/a RE agent, but they are doing an "auction".
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| Posted 6/22/06 3:08 PM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: Houses for Auction....
That's interesting considering homes that go up for auction typically start well below market value. I can't imagine anyone going to auction wanting to pay market value plus a 10% auction house fee.
But I guess when you have to/want to sell it doesn't really matter why you choose a certain route.
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| Posted 6/22/06 3:09 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Houses for Auction....
Posted by Colleen9304
That's interesting considering homes that go up for auction typically start well below market value. I can't imagine anyone going to auction wanting to pay market value plus a 10% auction house fee.
But I guess when you have to/want to sell it doesn't really matter why you choose a certain route.
the ones in the area I am looking at, if you have to pay a 10% auction house fee, end up being more than comparable listings out now (which have been on the market a while....)
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| Posted 6/22/06 3:12 PM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: Houses for Auction....
I think they are starting them low in an attempt to get a bidding war situation going like the REs had last year.
I have also participated in RE auctions with a reserve.
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| Posted 6/22/06 9:54 PM |
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riniko
LIF Toddler
Member since 3/06 486 total posts
Name:
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Re: Houses for Auction....
How do you know when a house is being listed as an auction?
Can someone provide links to home auctions? I just want to see them to understand it conceptually? Are these homes listed on MLSLI?
not quite getting it...
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| Posted 6/28/06 7:12 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Houses for Auction....
Posted by riniko
How do you know when a house is being listed as an auction?
Can someone provide links to home auctions? I just want to see them to understand it conceptually? Are these homes listed on MLSLI?
not quite getting it...
there are two in e. setauket that are for auction.
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| Posted 6/28/06 9:29 PM |
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riniko
LIF Toddler
Member since 3/06 486 total posts
Name:
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Re: Houses for Auction....
Posted by Meaghan729
Posted by riniko
How do you know when a house is being listed as an auction?
Can someone provide links to home auctions? I just want to see them to understand it conceptually? Are these homes listed on MLSLI?
not quite getting it...
there are two in e. setauket that are for auction.
But how do I as a potential buyer know that it is an auction? Do you have the links for these 2 homes?
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| Posted 6/29/06 11:01 AM |
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schnapy
LIF Adolescent
Member since 9/05 766 total posts
Name:
Diana
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Re: Houses for Auction....
Posted by Colleen9304
That's interesting considering homes that go up for auction typically start well below market value. I can't imagine anyone going to auction wanting to pay market value plus a 10% auction house fee.
But I guess when you have to/want to sell it doesn't really matter why you choose a certain route.
Colleen sometimes they use that tactic to get the most $$$$.. To create lets say a bidding war
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| Posted 6/29/06 11:36 AM |
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MrsA
.............................
Member since 1/06 2012 total posts
Name:
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Re: Houses for Auction....
Posted by riniko
Posted by Meaghan729
Posted by riniko
How do you know when a house is being listed as an auction?
Can someone provide links to home auctions? I just want to see them to understand it conceptually? Are these homes listed on MLSLI?
not quite getting it...
there are two in e. setauket that are for auction.
But how do I as a potential buyer know that it is an auction? Do you have the links for these 2 homes?
I dont know about free services but I know there are some websites/mailings you can subscribe to (for a monthly fee) and they'll inform you of auctions,foreclosures,estate sales, etc.
Message edited 6/29/2006 12:09:09 PM.
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| Posted 6/29/06 12:08 PM |
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