Lake of the Ozarks Real Estate Blog

With the downturn of the current real estate market a new sales trend has risen; home auctions.  Today you cannot go one week without seeing an advertisement for a Real Estate Auction.  Real Estate Auctions have risen in popularity all around the country and the Lake of the Ozarks is no different. 

One question that I have received from several of my prospects is can they be represented at an auction by a Buyer’s Agent and the answer is typically, yes.  As of today I have yet to find an Auction company that does not have some sort of Cooperation policy with Licensed Buyers Agents.

If you are considering purchasing a home at an auction and would like representation there is a process that must be followed.  According to my research every Auction company requires that prospective bidders who will have a Buyer’s Agent must be registered for the Auction by the Agent prior to the scheduled auction.  Each of the Auction companies that I have researched requires that your Buyers Agent attend the auction with you and be a part of the entire process if you are the winning bidder for a home.

As a prospective buyer all auction companies will allow you and your buyer’s agent an opportunity to tour each of the homes that are scheduled during a prescheduled open house.  This is your opportunity to view the residence and perform any inspections that concern you.

Your Buyers Agent will be able to assist with scheduling inspections, reviewing title work, setting up the closing, scheduling the final walk through and any other services that are necessary to facilitate the closing. 

If you are considering purchasing a home at an auction and would like one of John Farrell Real Estates Realtors to assist you please call us immediately.

Have you ever thought about selling your property at auction?   Ask your realtor if you would be a good candidate.

Written by Ruth Anderson, Thursday, October 8, 2009

A real estate auction is an intense accelerated marketing process that involves the public sale of property through competitive bidding.  Believers in the process are convinced that it can be a win-win situation for everyone involved, including sellers, buyers and realtors.  In today’s real estate market, average days on the market has almost doubled from a few years ago, so if you are a qualified seller who is anxious to get your luxury home, tract of land, or condo sold, there is a way to get it under contract within a few hours and close in as little as 30 days.  Traditionally, home owners and realtors have perceived auctions as “distressed sales,” but we have observed an increasing number of sellers who are anxious to divest themselves of particular real estate holdings through an auction venue.  Consider these factors:

·         Seller sets sales terms.

·         Through competitive and open bidding, the property achieves its true market value.

·         Bidders compete with each other for the top offer.  No limit on upside potential.

·         Urgency is created and each property is spotlighted through the advertising campaign.

·         Seller is removed from the negotiation process.

·         In many situations, buyer pays the commission, not the seller.

·         Properties are sold “as is.”

·         Buyer signs “No contingency” contract (some auction companies)

·         Scheduled sale date

Talk to your realtor at John Farrell Real Estate today if you would like more information about this accelerated way to sell real estate.  It won’t cost you anything for your realtor to represent you in this type of transaction, and you will have a professional to assist you.