“All properties are sold ‘as is’ and potential buyers should inspect homes prior to auction, so they know what they are bidding on. Interested buyers can visit properties during open house events scheduled for July 14th and 15th from 1:00pm-3:00pm. Winning bidders will be required to make a down payment of 5% of the selling price or $2500, whichever is greater, in the form of cash or check.”
“Real estate auctions are gaining popularity among sellers as a quick way to dispose of property in a slow housing market. According to the National Auctioneers Association, the fastest growing sector of the $257.2 billion auction industry is residential real estate auctions, which jumped 12.5% in 2006, generating $16 billion.”.
5 comments:
What a bunch of crap looking properties. You have to believe all of these will be short sales, and therefore represent a real black hole for lenders -- money went into them that will never be seen again.
eh
Here in Northern California, it's very telling that we even have auctions. A few years ago, they didn't exist. Even though these properties may be lacking in curb appeal, the fact that they have so many properties on the auction block is very telling.
I'm guessing auctions such as these are going to be the norm for the next couple of years as foreclosures continue to pile up.
Do you think that H&M pays to buyers agents ?
2% to buyers agents.
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