Live auctions have become a very popular way to sell off bank repossessed houses. While this sales tactic may surprise some buyers, it is an efficient way for banks to quickly off-load large amounts of similar properties. Not too long ago an auction full of Charlotte foreclosures was able to sell 30 condo units off in one day. These condos sold for up to 45% of the market price meaning an outstanding purchase for the buyers. It also helps the banks. Instead of having to wait for sellers and realtors to make an offer, they are able to accept the best offer very quickly. Auctions are also common in Colorado foreclosures. They are particularly effective when there are multiple properties available in a small, remote city or county. Buyers can think of it as a neighborhood sale for homes.
In bulk or off the beaten path
Banks are currently overwhelmed with the amount of properties that they are currently holding due to foreclosure. While ‘owning’ the home again can be good, bank repossessed houses can be extremely expensive for banks to maintain. In addition to not receiving payments for the homes they are now responsible for fees and taxes for the houses until they are re-purchased. That is why one of the recent Charlotte foreclosures auction was beneficial to both the buyers and the brokers – the banks got rid of excess property and the new condo owners got a great deal! In more rural areas, like in Colorado foreclosures, auctions are a way to draw attention to properties that it is not easy to hand a ‘For Sale’ sign on.
Good for buyers and good for banks
Just like the Charlotte foreclosures available, if you are looking for a new home at a great price, you may want to consider a foreclosure auction. It may seem scary to buy without an agent and compete with others for the same property, but buying at an auction has recently saved some buyers over 90%. If you are thinking about a more secluded property consider searching the foreclosure listings for one of the Colorado foreclosures auctions, it may be your only opportunity to purchase a remote piece of Colorado. Foreclosure auctions also offer a way to help the struggling economy. The more homes sold at auction, the fewer bank repossessed houses, and this will in turn boost the economy. Property auctions are beneficial to everyone involved.
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Written by Alex Rolim.
