Auctions: Another Way To Buy and Sell Real Estate

Many other parts of the country (outside California) have for years used auctions as a method of selling real estate. Here in Southern California, we might have heard about real estate auctions, but more often they were pertaining to raw land deals, in particular out in the desert or the central part of the state. Wells, real estate auctions do work and more are being used in this crazy real estate market. Auctions work well on foreclosure properties - but they also work well if you just want a fast sell. Recently, the Los Angeles Times had an article on auctions, but you can do your own auction through a licensed real estate agent on a single property. The Times story focused on a large auction that was recently held at the Los Angeles Convention Center in which 92 properties were sold.

The wonderful idea about auctions for home sellers is that if the property is advertised and interest is generated, you can often get more than your minimum bid price which is awesome in this market. Even in the Times story a number of properties went for more than anticipated. For instance a home in Sherman Oaks which one attendee was willing to pay up to $650,000 for sold for $845,000. Another home in Santa Clarita which one person was willing to pay up to $480,000, sold for $580,000. A condo in Malibu of 895 square feet started with a bid of $399,000 and sold for $570,000.

You can see the possibilites that can emerge without letting the bank take back your home. You can renegotiate most terms these days, give it a try, but if not give me a call if you would like to discuss the option of a real estate auction.