I have had a few conversations with AMP's this week that have stated they were surprised to see a few assets move to auction faster than they have ever seen some were only on the market and exposed for as little as two days.
Williams and Williams is the most recent I have seen of foreclosures/REO properties that I have listed that have went onto auction. The property 5737 Bronco Place Milton Florida I have listed will be going to auction at the end of the month.While this one had some time on the market I am waiting to see how everthing goes this is the first I have dealt with Williams and Williams.
Just wondering how many other Realtors on ActiveRain are seeing more auctions in their area. I have been hearing also on Webinar's that auction numbers are up according to REOinsider as well.
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A local title company said they had heard that short sales were going to auction sooner. With declining prices, the bank does not want to postpone the sale, and wants to get the highest and most for the property.
My guess would be that these are probably properties that the bank has taken back 1+ years ago and have finally gotten around to listing. When the system sees how long it's been since the foreclosure date it shoots them into auction status.
No first hand knowledge here, it just seems like a reasonable theory.
I am guessing that there must be some advantage to the investor/bank with these auctions or they would not be increasing in numbers.
We are definitely seeing more and more auctions in the Colorado area. BUT, what is deceiving is you never know what is the minimum bid they will accept. I've been to a variety of auctions and thought I saw the winning bid; but then later I see the property come back on the market with a different auction company. Some of the buyers have told me that they found out after the auction that their bid was not accepted.
Bryan I have not heard of any short sales going to auction that is interesting.
James that could be the case, it will be intersting to see how auction companies hang in there with the freeze on foreclosures that is going on.
Marcy that does sound logical I just dont understand not testing out the market for at least 3 or 4 months on each property to see what the property might bring. I have learned in Real Estate you can never know for sure what a property will go for you might have an idea what it should go for but if you have family that wants to move in or some other perfect fits that can increase what the home will end up selling for. Thanks for the comment and checking out my post.
Kathy the same thing happen on this auction, there was a highest bidder on this property but the auction company checked with Fannie Mae and found they were not willing to accept the bid. It has now been open to accepting bids until the 13th of this month so Oct 13th 2010 they will no longer take bids. It is kind of odd to me to have an auction and then have bids still accepted after the auction. This also puts the previous listing agent in an odd position as they are not notified by every auction company letting the Realtor know what is going on which I had called in to find out on this one what was going on. Thanks for the comment and checking out this post.