Auction Power Guide

I’m looking for local auctions of homes for either tax sales or foreclosures. I’ve checked out the local county website but nothing is available there except the auction process,no listings. I’ve checked the local paper for public notices, but nothing is listed there either.
There are numerous websites that list foreclosures and auctions that will take place on various dates, but without paying to join these websites I can only obtain limited amounts of info.
Basically I want to obtain this info myself without paying to join a website.

Try www.auctionzip.com it lists auction houses and what they are auctioning off that month, some auction houses list estate sales and home auctions. There is a tab for home auctions all around the US.

We’re downsizing and need to get rid of some furniture and assorted antiques. Has anyone out there had experience dealing with auction houses or estate sale dealers?

Should we send the stuff to an auction house(some of the pieces are large)? Have an on-site auction? Have an estate-type sale? We’re trying to decide which way to go.

Thanks for your help!

www.craigslist.org

List an Auction on that site in your area. That’ll help with advertising if you choose to do it yourself. Other than that I’ve never delt with an auction.

How much does the auction house recieve from an auction? I know it depends on price but is their a certain percent they get from each auction? Would you lose more money from the auction house tax in one big auction or in a bunch of little auctions?

The Alliance and Horde Auction Houses would take 5% of the winning bid, while the Neutral Auction Houses would take 15%.

Because it is a percentage of the winning bid, it’ll cost the same in one big auction and if you split it into a bunch of little auctions.

My dad put a lot of items up for sale in an auction house which all together sold for about 5 grand, but the auction house will be getting 4 grand leaving him with just 1 grand

That doesn’t sound right to me; how much do auction houses usually charge for selling your stuff

30% is a normal fee. Getting charged 80% is almost criminal. What does his agreement with the auction house state???

I’d like to make an offer on a house being auctioned by an auction house. There is a bankruptcy invovled. However, I just saw the exact same house listed with a real estate agent, and can’t understand how this is possible. Anyone with any experience buying real estate through auction houses?

Happens all the time. The people are most likely trying to sell before the auction. More often than not, buying before or after the auction is a better way to go, but every case is different, and it depends on a lot of factors.

Buying property at auction is a pleasant change from the conventional methodologies but at the same time it is equally important to carefully bid property at an auction. There are few basic guidelines to consider when buying properties at auction. Before getting started search for appropriate auction house listing properties you are interested in and request for their catalog. Auction houses generally organize regular auction sales with printed catalogs few weeks in advance. Subscribing to catalog mailing list is another option. This will give you an overview for the motive behind the property is being sold and the mortgage details of the property. Read the catalog carefully and go through each and every detail provided. Mark all the properties you are interested in buying.

It is always recommended to attend an auction as an observer to get the real feel and to understand its modus operandi. Request from the auction organisers for the auction pack and the auction you have decided to attend. The auction pack encloses information like the title deeds, seller’s information form, local authority and environmental searches, lease details in case of leasehold property. In addition to the legal checks it is important to visit the property in person. Research on the property intensively and inquire through neighbors and local estate agents. Hire a qualified property advisor to carefully examine the property for spotting structural problems. After you finished the survey of the property crosscheck with the descriptions provided in the catalog.

The next step involves carefully planning the accurate costs. It is important to consider additional costs as costs of survey and legal advice, finance arrangement fees, stamp duty, remodeling and renovation costs, buyer’s premium if any. These costs if not considered might consume most of your margin and in worst cases you might end up paying from your own pocket. Carefully read all the contract and auctioneers terms and conditions mentioned in the catalog. Minutely examine all the details or seek legal advice from a solicitor or a chartered surveyor. Get the money required for deposit arranged in advance. You are required to pay 10% of the cost of the property on the auction day when the contracts are signed and remaining balance to be paid in full within 28 days. If you need mortgage assistance it is wise to plan ahead or you might end up losing the 10% deposit in event of non-payment of the required amount within 20 working days.

Allocate a fixed budget for yourself before entering the auction room. Be firm and decisive on how much you are willing to spend and do not get carried away by emotions in heat of the moment. You can also appoint an auctioneer or a solicitor to do the bidding for you. On the actual day arrive well in advance and get a nice seat for yourself so that the auctioneer can easily acknowledge your bidding signal. Keep your eyes open to your surrounding and carefully listen to the opening announcements. You are also required to carry a couple of identification papers and a cheque to cover the 10% deposit.

Buying a property at an auction can be fruitful if you sincerely follow the basic strategy. You might end up buying the best property at almost nominal price.

Jason Sands

What are their advertising methods? How long before their auction starts do they start advertising?

Thanks in advance.

Some advertise on national and local papers.
Print brochures and snail mail to prospects.
They also have some links with estate agents to widen their audience.

Prior to the auction, you need to secure a copy or catalogue of the property lots that will be auctioned at any particular auction house. It may be worthwhile to obtain several catalogues from local auction houses so that you can compare property specifics.          For more details go to: www.auction-extreme-package.com If there are any properties that you are interested in, it is important to remember that an offer can be made before the auction. The seller will consider the offer and get back to you if he wants to proceed on that basis. In the event of your offer being accepted, the property will be removed from the auction process and you will be obliged to complete on the purchase.

Once you have the auction catalogues to hand, you should scan them for properties that suit your preference both in terms of price range and the nature of the property. Organize and arrange the properties according to the preferred style and structure of the property. Investigate or scrutinize the description of the property. Check any legal paperwork the auction house may hold for any property you are interested in. If unsure, it may be advisable to seek the guidance of lawyers or experts.

Double check any terms and conditions of the contract governing the schedule of payment. It is extremely important to make sure that you have available funds to purchase any one property in accordance with the terms and conditions of that lot. If you feel that there maybe a need for a mortgage, you will need to arrange this before attending the auction. Otherwise, you will risk losing any deposit you put forward for a property that you are subsequently not able to raise finance for.

On the day of the auction, you need to acquaint yourself with the mechanics of that auction. Usually, there is a need for prior registration if you wish to participate in the bidding. For help visit: www.auction-o-matics.com Be sure to take in any identification documents with you. You will not be allowed to bid without proof of ID. You will also need to take in a cheque book or bankers draft for any deposits that may be required.

Never arrive late. This is very important because you will need time to familiarize with the auction room and the mannerisms of the auctioneer. On arrival, always check the list of properties for any changes or alterations. It is not uncommon for properties to be removed from auction proceedings prior to the auction.

If you are to bid, make your bid clear so as to prevent confusion on the part of the auctioneer. Whenever bidding at auction always have your maximum possible bid in mind and don’t ever deter from this amount. Your maximum bid will take into account any works that you feel need doing to the property and also any profit levels you need to clear. If a property fails to sell at auction due to the reservation price not being met, you should consider making a bid directly after the bidding has stopped.

kamal kumar
http://www.articlesbase.com/sales-articles/some-useful-tips-of-auction-property-691493.html