Why Sellers of Southern California Foreclosures Choose Home Auctions
Category:
Published: Thursday, June 18, 2009
Buyers of Southern California bank homes have discovered the benefits of buying at a real estate auction but what about sellers? Here are the Top 10 reasons for selling your home at auction:
Buyers come prepared to buy. They have their financing in order and they have already completed on-site inspections. They won't ask for improvements to be made before escrow closes.
You are guaranteed to sell your property quickly. One of the pitfalls of holding onto foreclosures for long periods of time is that you have maintenance and carrying costs. With more and more cities and towns requiring front yard landscaping maintenance and utilities being left on, the longer you hold onto your foreclosed home, the more expensive it becomes.
Exposes the property to multiple buyers. Many recent Southern California foreclosures auctions have drawn thousands of buyers. By listing your foreclosures with a real estate auction house, or conducting your own, you are guaranteed to find more buyers and increase your chances of a fair market value sale.
Spares you from inconvenient showings. No more waiting for buyers to come by. A foreclosed home auction establishes set days and times for property inspections and those are the only days you are required to show the property.
Creates competition. The more buyers you have attending the auction, the greater chance of higher sales prices.
Increases the marketing efforts at little or no cost to seller. Real estate auction firms utilize extensive marketing networks, including full color, interactive websites to market their listings. By using an auction firm, your property will be marketed extensively as part of the auction process.
Fixed period escrows. Since buyers are required to be pre-qualified with financing in hand, there are generally few to no delays in closing escrow.
Multiple properties can be sold on the same day. If you carry multiple Southern California foreclosures you can dispose of all your REOs on the same day at the same auction.
No need to negotiate. By setting a final sale auction, you will not have to negotiate with the sellers at all. The highest bid is the sale price and you can be assured it is full market value.
Foreclosed home auctions are safe and effective. Take the guesswork out of selling foreclosures and clear your inventory fast and efficiently with a foreclosed home auction.
Other Recent Articles
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.
Read More
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.
Read More
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.
Read More
