      
 Lenders Using Foreclosed Home Auctions As Top Selling ToolPublished: Monday, October 12, 2009 Foreclosed home auctions are becoming the hottest place to buy Southern California foreclosures, as banks are stepping back from multiple offers and finding the ease of real estate auctions more to their liking. Banks have long seen the many benefits of selling foreclosed homes at auction, and the current market trends of multiple offers, hundreds of hungry buyers and a tightened credit market are creating an even greater demand for home auctions. Banks rely on real estate auctions to clear their inventories of foreclosed homes because they can sell their real estate owned portfolios quickly and efficiently, without having to deal with multiple buyers and waiting for loan approvals. Contingent offers are virtually non-existent and lenders can be assured they will close their sales. Buyers Can Also Rely on Home Auctions for Fast SalesBut buyers are also seeking out foreclosed home auctions because they know they won't have to compete with as many other buyers for the same properties, and that sellers (lenders) are committing to closing the sale fast. They don't have to worry about sellers backing out, or raising the price after an offer has been submitted, or dragging their feet during closing. Because homes listed at auction are serious buying opportunities, qualified buyers are finding it much easier to find the Southern California foreclosures of their dreams at auction instead of scouring the agent listings. Long negotiation periods are waived, buyers knowing they are paying true market price, and they also know they are competing fairly with other buyers. Everything about an auction is conducted openly and in front of all the buyers, so buyers can feel confident about their chances of finding the perfect bank home. They also can be confident about their closing dates, as most auctions require escrow closure within 30 days of auction. Buyers need to be prepared with their financing, have done their homework (including pre-bid inspection), and be ready to close escrow. However this extra preparation leads to a successful home auction and finding the perfect foreclosed home of their dreams. Other Recent ArticlesHome Buyer Tax Credit Extended Until April, 2010Category: Recent Articles Published: Thursday, December 10, 2009 The federal tax credit has been extended to April, 2010, including an expanded benefit to existing home owners who sell their homes and then repurchase a new primary residence valued at $800,000 or less. This could be the perfect opportunity for buyers who wanted to cash in on home auction bargains but were fearful of lower resales on their existing homes. 57,000 Foreclosures Remain in California – Lenders Scheduling More Home AuctionsCategory: Recent Articles Published: Thursday, December 03, 2009 The Southern California foreclosures market may be shifting, with fewer homes entering foreclosure than in previous quarters. However there are still 57,000 existing foreclosures statewide that need to be sold, and lenders are looking at foreclosed home auctions as a major tool to sell large numbers of foreclosures in a short amount of time. Southern California Foreclosures Still the Bulk of Home SalesCategory: Recent Articles Published: Friday, November 27, 2009 Southern California foreclosures still account for the bulk of area homes sales and lenders are finding real estate auctions the fastest and most efficient method of clearing their books of REO properties. Buying a home at auction requires a little prep work, however and the experts at homeauctionexpo.com share their insight on how to find the best auction properties.  October 2009
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