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 6^th 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 10^th.

If you're interested in learning more about online real estate auctions,join our next webinar