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Published byDarcy Wilcox Modified over 9 years ago
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Buying Real Estate at Auction: Tips, Truths and Tools
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2006 Gross Sales Revenue for Real Estate Residential $16.0 Billion Commercial & Industrial $15.0 Billion Land & Agricultural $25.3 Billion
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Growth in Sales for Real Estate Auctions Since 2003 Land & Agricultural Real Estate –33.0% Residential Real Estate – 39.2% Commercial & Industrial Real Estate – 27.4%
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The Auction Advantage 1.Quick Turnaround Time. 2.No Negotiation Period. 3.Buyers Know They are Competing Fairly Against Other Buyers. 4.Buyers Determine the Purchase Price.
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The Auction Advantage 5. Purchasing and Closing Dates are Known. 6. Buyers Receive Information on the Property Through a Due Diligence Package. 7. Opportunity for a Bargain.
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Types of Auctions Absolute – An auction without reserve. Minimum Bid – Auctioneer only accepts bids at or above an advertised price.
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Types of Auctions Reserve – The seller has the right to accept or reject any offer that falls below a confidential reserve price, but must accept any bid higher than the reserve price.
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Timely Tips Inspect the Property Familiarize Yourself with the Terms of the Sale Pre-Qualify for Financing Check into Absentee Bidding Plan Your Strategy for Bidding
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www.onlyatauction.com Find an Auction function Find an Auctioneer function Learn tips about buying and selling at auction Read auction success stories
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How to Find Auctions
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National Auctioneers Association Committed to Excellence Members Abide by a Code of Ethics Offers the Accredited Auctioneer Real Estate (AARE) Designation
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Buying Real Estate at Auction
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