Not only did the lack of foreclosures throw fuel on the fire but in addition, low interest rates and the lowest housing supply of recent record catapulted the process to unseen levels.”ĭemand for Distressed Housing Returning ( HousingWire, Nov. We began to see 15, 20 and even as many as 30 registered and qualified bidders showing up cash-ready to compete.
“In the past couple of decades, a successful and well attended auction might be considered one where 5 to 8 registered/qualified bidders attended with their negotiable bank check…COVID created the perfect storm which generated the ultimate bidding war machine at our real estate auctions. What Happened to Real Estate Auctions During the COVID-19 Pandemic? ( New England Real Estate Journal, Jul.
#Buying foreclosed home at auction forum how to
This resource from NAR includes the basics and benefits of auctions, types of auctions, properties suited for auction, factors affecting auctions, how to get involved, auction opportunities, how to find an auctioneer, and courses available to members to increase their knowledge and practical experience with auctions. 23, 2021)Ī brief overview of how to purchase a home at auction, including the steps for participating in an in-person and an online auction.Īuctions ( National Association of REALTORS®) They may be conducting online research or attending virtual viewings, but just as these online activities have become more mainstream in the real estate industry, online auctions have become more common as well… some reasons a house might be sold at auction, the breakdown of the auction itself, and what you'll need to know in order to participate.”īuying a Foreclosure Home at Auction: The Basics (, Apr. “Most house hunters don't initially set out to bid on a home through an online auction. EBSCO articles ( E) are available only to NAR members and require the member's nar.realtor login.īuying Real Estate at an Online Auction ( The Balance, Apr. References (formerly Field Guides) offer links to articles, eBooks, websites, statistics, and more to provide a comprehensive overview of perspectives. NAR Library & Archives has already done the research for you. NAR can help you understand the basics and benefits of a real estate auction, learn more about the current auction market, and connect you with eduction and resources for auction professionals and REALTORS® working with auction transactions. The result is a win-win situation: sellers obtain immediate cash and buyers purchase properties at fair market value, the price determined by open, competitive bidding. Auction allows the seller to eliminate virtually all long-term carrying costs, passing the savings directly to the purchaser in the form of a reduced price. The majority of auctions today don't result from foreclosure of distress situations, but rather are the result of a seller choosing a cost-effective, accelerate method to sell a property.
Real estate auctions often experience unfounded negative images in the marketplace.
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