Saturday, March 29, 2008

Sammy Lynn's Auction

JMZ Homes has generously donated one of their homes and put it up for auction to benefit 3-year-old Sammy Lynn who is fighting Luekemia. This example of giving and love go a long way in bringing a community together. Another example of a great use for an online auction.

Here is a link to Sammy Lynn's story

To help support her by placing a bid, visit

Wednesday, March 26, 2008

1 in 3 homes sold by auction by 2010?

I just read an article about the Denver real estate market and how auctions are becoming popular for retail properties.

Traditionally, auctions have been used as a "fire-sale" to move properties at a discount. That is changing. Now auctions are becoming a successful way to move a retail property as well.

The advantage is that an auction makes a property stand out, which is especially important in today's market. Not only that, but auctions won't disappear when the market picks up again. They are an even better strategy in a hot market because there is no limit on the price someone will pay.

I think we'll see a big change in how real estate is bought and sold in the U.S. in then next couple of years. As it's being predicated now, 1 in 3 properties will be sold using that method. It just makes sense.

Sunday, March 23, 2008

Sold to the highest bidder - definitely!

I just read an article where they are proposing a new real estate auction law in Australia which guarantees the property will be sold to the highest bidder.

This law is being proposed because there have been a few instances of negotiations continuing after the gavel falls. It will be interesting to see how this plays out.

In the meantime, it's interesting to think how this will effect the online world. Is the winning bid a binding contract? What if the seller takes a higher offer after the auction ends?

Sunday, March 16, 2008

Online Auctions continue to gain popularity

As homes sit on the market and sellers become anxious for solutions, online auctions are gaining in popularity.

An online auction gives a real estate agent or homeowner a marketing strategy that works in attracting attention.

Whether or not the property sells will depend on how well the auction marketing is done and whether it is being offered at a good price.

In today's market, there is a need for the ability to get a property to stand out and get noticed. An online auction provides that opportunity.

It's no surprise that online real estate auctions are growing fast.

Friday, March 7, 2008

Online Real Estate Auctions Has Become a Skyrocket

I found this article and think Mahmoud is right on target. Enjoy...

By Mahmoud Awara

Sellers and real estate agents are struggling to get their properties noticed. It s not surprising that more sellers are turning to creative ways to market their properties. One such creative strategy nowadays is online real estate auctions have become more popular than traditional real estate auctions. Online real estate auctions can certainly help you locate a great property, particularly in an area far from where you live. It helps a property stand out and that s the goal in any marketing strategy.

Another reason for Online Real Estate Auctions popularity is that it s easier to bid than to write up a sales contract. All negotiation is automated and done online.

Online Real Estate Auctions have many advantages they provide a great platform for you to sell your property. It minimizes the hassles of prospects visiting the house frequently at untimely hours as well as attracts only qualified buyers who are actually looking to buy a property. They get a better price for the property owner with minimal effort as they attract buyers from across the world. You decide the date and time of auction.

The prospects can look at the details of the real estate like photographs etc. and can participate in the auction. Other option for purchasing real estate online is through bank auctions. Bank auctions are usually on foreclosed properties and can give you the opportunity to purchase real estate at a dramatically reduced price.

A live auction is still a great way to sell, an online auction is much easier to coordinate and less expensive, however, you have to be very careful and do your research before bidding on a property and definitely before executing a contract. A property you have never seen could be a potential nightmare, and there are several reasons for this. If you re considering buying a property you can't visit, it may be worth hiring someone in the local area, who's familiar with real estate to check it out for you. Your representative needs to make sure the property is accessible, check the record of any leans, foreclosures, or title problems.

Online real estate auctions are not legally binding. A real estate transaction must be formally executed under the laws of the state where the property is located. An online auction can hook a buyer up with a seller, but they must still get together and work out a contract before the sale is final.

Be sure to use a reputable and well-known auction site. Before bidding in a real estate auction, read the auction site s Terms of Service and any additional information they may have about real estate “auctions” on their site. This information can usually be found in the help or rules sections of the sites.

Finally, whether you have a property and are looking to sell of the property, but were scared about the hassles involved in it, or looking for a real estate to buy especially if you are seeking a real estate in an area far from where you live, Online Real Estate Auctions are the way out for you.

Sunday, March 2, 2008

Open House: Auctions become popular spot for home buyers

I came across this interesting article regarding the Bend, Oregon real estate market.

Jan 11,2008 00:00 by Jim_Woodard
Auctions are becoming an increasingly popular method of purchasing homes in today's sluggish marketplace. This immediate-sale technique is very appealing at a time when selling homes the conventional way is slow and the number of inventoried homes is at a record high level.

The auctioning of real properties is the fastest growing auction specialty, according to the National Auctioneers Association. Over the past five years, residential real estate sold at auctions grew by 39 percent, while commercial and industrial real estate auctions rose 27 percent.

It wasn't long ago that residential real estate auctions were only used to sell foreclosed homes, fixer-uppers and other hard-to-sell properties. Today, all types of properties are sold at auctions, from small fixer-uppers to large luxury homes. Many newly constructed homes are now being auctioned, including single-family residences, condos and townhomes.

"There are many benefits to buying a home at auction," said Realtor Val Gehringer. "Homeowners are committed to selling so there aren't long negotiation periods, and buyers can often close on their new home in fewer than 30 days. Auctions also attract qualified buyers since most auction houses require that potential buyers have financing in place and present written loan approval before the day of the auction. And they usually require nonrefundable deposits, typically 10 percent of the home's value."

There are three primary types of real property auctions. The absolute auction is where the property is sold to the highest bidder regardless of the price. The minimum bid auction is where bids are accepted at or above an advertised minimum price. The reserve auction is where the seller has the right to accept or reject any offer that falls below a confidential reserve price.

Prospective buyers usually have ample opportunity to inspect the property by appointment or at an open house prior to the auction. Typically, the auctioning of a home takes less than 10 minutes. How's that for speedy marketing? Most serious bidders hold off for a few minutes before bidding, waiting to see what others bid.

If you or your broker are interested in auctioning your home, take time to attend several auctions first to learn about the process and what it takes to produce a successful auction.