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Buying Real Estate at Auction: Tips, Truths and Tools

Buying Real Estate at Auction: Tips, Truths and Tools. 2006 Gross Sales Revenue for Real Estate. Residential $16.0 Billion Commercial & Industrial $15.0 Billion Land & Agricultural $25.3 Billion. Growth in Sales for Real Estate Auctions Since 2003.

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Buying Real Estate at Auction: Tips, Truths and Tools

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  1. Buying Real Estate at Auction:Tips, Truths and Tools

  2. 2006 Gross Sales Revenue for Real Estate • Residential $16.0 Billion • Commercial & Industrial $15.0 Billion • Land & Agricultural $25.3 Billion

  3. Growth in Sales for Real Estate Auctions Since 2003 • Land & Agricultural Real Estate –33.0% • Residential Real Estate – 39.2% • Commercial & Industrial Real Estate – 27.4%

  4. The Auction Advantage • Quick Turnaround Time. • No Negotiation Period. • Buyers Know They are Competing Fairly Against Other Buyers. • Buyers Determine the Purchase Price.

  5. The Auction Advantage 5.Purchasing and Closing Dates are Known. 6. Buyers Receive Information on the Property Through a Due Diligence Package. 7. Opportunity for a Bargain.

  6. Types of Auctions • Absolute – An auction without reserve. • Minimum Bid – Auctioneer only accepts bids at or above an advertised price.

  7. Types of Auctions • Reserve – The seller has the right to accept or reject any offer that falls below a confidential reserve price, but must accept any bid higher than the reserve price.

  8. Timely Tips • Inspect the Property • Familiarize Yourself with the Terms of the Sale • Pre-Qualify for Financing • Check into Absentee Bidding • Plan Your Strategy for Bidding

  9. www.onlyatauction.com • Find an Auction function • Find an Auctioneer function • Learn tips about buying and selling at auction • Read auction success stories

  10. How to Find Auctions Join a Mailing List Look in the Newspaper

  11. National Auctioneers Association • Committed to Excellence • Members Abide by a Code of Ethics • Offers the Accredited Auctioneer Real Estate (AARE) Designation

  12. Buying Real Estate at Auction

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