Tuesday, March 9, 2010

Real Estate Auctions Today - What's going on?

Most people are not aware of what's going on with real estate auctions today, so I'd thought I'd share some highlights…
  • Celebrity Cher sold a Hawaii property through an auction in January for $8.7 Million
  • Ballroom & studio auctions where 100's of REO properties are being sold are becoming more common and frequent in the larger cities.
  • The largest real estate auction company right now is Real Estate Disposition Corporation (REDC/auction.com). For just the first 9 weeks of 2010 they have already sold 7,488 properties for a total of $403 Million.
  • REDC is now selling more real estate through their online auctions than their live ballroom events. As an example, for the week ending of March 6th 2010 they set a record sales volume of $71M sold and $43.2M of it (more than half) was sold online.
  • REDC just partnered with a company in the United Kingdom to use online bidding only. In their first event this past February they sold 57 properties.
  • County courthouses around the country are beginning to move their foreclosure auctions online. The most recent example is Dade County in Miami.
  • Real estate brokers & agents who recognize the opportunity are going to auction school or partnering with experienced auctions.
  • RE/MAX International in Denver has partnered with a local auction company and is holding their first “live” hotel auction event with 200 homes on April 10th.
If you're interested in learning more about online real estate auctions,join our next webinar

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