      
 Pre-Auction Offers Can Lead to Foreclosure RichesPublished: Thursday, May 14, 2009 One of the latest trends in real estate auctions are the option of making a pre-auction offer. Similar to the "buy it now" option on eBay or other online auction companies, the pre-auction offer allows interested buyers to submit an offer directly to the seller's agent before the auction, allowing their offer to be considered before the bidding starts. But is making a pre-auction offer a good decision? Absolutely! Imagine searching the auction listings for weeks when you come upon the perfect foreclosure auction. You know the one - the house that has everything you've always dreamed of, is located in one of the finest communities around, such as one of the many beautiful Murrieta foreclosures or coastal Orange County bank homes, and has a starting bid that is ridiculously low for the neighborhood. You want this house and you want it bad! But waiting a week or more until the real estate auction day, then competing with other bidders, is something you would rather avoid. So you make a pre-auction offer to the seller that is fair, honest and equitable and if the seller agrees, the house is removed from the auction and you have yourself a deal! There are some things to consider before making a pre-auction offer, however. You will want to make sure you have completed all inspections of the property before submitting your offer. You will also need to check the dates when a pre-auction offer will be accepted. Many auctions have cut-off dates when they finalize the auction listings and no houses can be removed because the seller negotiates a direct transaction. Finally, make sure you have your financing in order before submitting the pre-auction offer. You won't be able to use the auction lender for your financing, and a seller will want to know that you have guaranteed funds before considering removing their house from the home auction listing. Foreclosed home auctions can be terrific places to pick up quality homes at bargain prices. However you can avoid the auction house fee and buyer's premiums by negotiating directly with the seller when possible. When checking out your next home auction, look for the pre-auction offer disclosure and then decide if submitting an offer directly to the seller is right for you. 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. |
