Auction.com Real Estate

Thomen Real Estate Auction

5231 COLUMBUS RD. CENTERBURG, OH 430116+ ACRES CENTERBURG SCHOOLS GENERAL BUSINESSSeller: Wallace Thomen TrustTERMS: Real estate sells ‘AS IS *The successful bidder at the auction will make a non refundable deposit 10% of final bid price payable by cash or check at the time of auction, and proceed to close within 30 days. *Subject to seller confirmation day of sale. *Buyer to pay a 10% Buyers Premium added to the winning bid at the time of closing. *The Seller agrees to pay for deed preparation, the conveyance fee, proration of real estate taxes, Title Search and Title Insurance Policy.*If Buyer has agent representation must register with signed agency disclosure prior to the day of sale. The real estate purchase contract shall supersede any prior published terms and conditionsBeing marketed & auctioned by:

Smokowitz Real Estate Coins & Collectables Public

Smokowitz Public Auction Saturday, July 23 rd , 2022 at 9:00 a.m. Located at 223 Boone Lane, Sunbury, PA 17801 Real Estate Country Home on Two Acres In Beautiful Country Setting! First Floor Kitchen, Dining Room, Living Room, 2 Bedrooms, Full Bath, & ¾ Bath 2 nd Floor Bedroom w/

Smokowitz Public Auction Saturday, July 23 rd , 2022 at 9:00 a.m. Located at 223 Boone Lane, Sunbury, PA 17801 Real Estate Country Home on Two Acres In Beautiful Country Setting! First Floor Kitchen, Dining Room, Living Room, 2 Bedrooms, Full Bath, & ¾ Bath 2 nd Floor Bedroom w/

Wholesaling Auction Properties: The Guide

Real estate wholesaling auction properties can be a cost-effective way to build a real estate investment portfolio. Many of the properties offered for auction are homes facing foreclosure or otherwise distressed. Often, these homes can be purchased below market value.

In this article, youll learn how real estate auctions work, where to find auction properties for wholesale deals and how to wholesale real estate auction properties.

Read Also: How Long Before Filing Bankruptcy Again

Fees Associated With Online House Auctions

When purchasing a home through an online house auction you typically don’t have to pay real estate brokerage fees, however, there are some costs specifically associated with online auctions:

• Buyer’s Premium: The fee the auction site charges for conducting the auction. This fee is usually between 5-10% of the final purchase price of the home, or it can be a flat fee of $1,000 or more. Most auction sites use both options with the buyer paying the higher of the two amounts.
• Transfer Fees: These fees can be $1,000 a more, depending on the site you choose to purchase through.
• Auction Service Fee: Some sites change this fee instead of a Buyer’s Premium. The fee can be $3,000 or more.
• Technology Fee: This is a fee charged to the buyer associated with the cost of operating the auction site. It can cost you an additional $200-$500.
• Earnest Money: This fee can be applied to the final total of the winning bid when payment is made or refunded to a bidder who doesn’t win the auction. It is a variable amount. Most sites require 5%-10% of the total winning bid as payment in earnest money with $2,500 or more being charged before you can bid and the remaining due within 24 hours of the auction end. In the event that you cannot pay the full amount of the winning bid in the required timeframe , you lose your earnest money.
• Additional Miscellaneous Fees, Liens, or Encumbrances: You could also be responsible for commissions, closing costs, tax liens, or other expenses at the time of closing.

Welcome To Fraise Auction And Real Estate

Fraise Auction & Real Estate has been a local, family owned business in the Tri-State area for more than 30 years. We offer both private real estate and auction services.

Partners Dan Fraise, Corey Fraise, Carrie Fraise & Tami Stuekerjuergen run the business with offices in both Fort Madison and New London, Iowa.

We sell residential and commercial real estate and agricultural land on the private market and at Auction, so we have a unique opportunity to help you determine what option best meets your needs!

Read Also: Can You Get Rid Of Student Loans By Filing Bankruptcy

Prepare To Bid On Properties

Once youve identified a potential property, do your due diligence before bidding. If possible, inspect the property in person. Otherwise, review all available photos and information. Check for any liens against the property.

Calculate the homes after-repair value or ARV so you know your maximum allowable offer . You dont want to bid too high and win, only to have trouble finding a cash buyer who is willing to purchase it at a price that still provides you a decent profit. When estimating your costs, include the interest you will pay for the ability to use the hard money lenders cash in the deal.

Online Home Auction Sites

If you’ve made it this far, great! All that’s left to do is find the right online bidding site and start bidding on your next home. The following list includes some of the best online real estate auction sites for finding great prices on a new home.

Many of these sites and others will appear when you do a local voice search through your mobile device using the terms home auction near me or real estate auctions near me.

Also Check: How Long To Refinance After Bankruptcy

Identify A Hard Money Lender

This step is important unless you have your own cash reserves or other means of transaction financing. Because auctions will require you to go through a double close process, its important to have a relationship with a hard money lender so you can have the required upfront cash to make the deal work.

A hard money lenderis in the business of making short-term loans to real estate investors for purposes such as this. You will pay interest or a fee for the privilege of using someone elses money to make the purchase.

Do You Need Proof Of Funding To Have An Accepted Contract From The Auction Site

For nearly all auctions, yes, you are required to show proof of fundseither in the form of cash or a cashiers checkprior to registering for the auction and bidding.

Proof of funds can be proven via cash or cash equivalent. Proof can take the form of recent bank statements, brokerage account statements, bank letters, or proof of an existing line of credit.

Read Also: Has Trump Ever Filed For Bankruptcy

Bayview Hill & Jefferson

Bayview Hill and Jefferson are both new subdivisions that begin development in the 90s and the 00s respectively. The current city plan is to turn both of these areas into expansive suburban developments that will see a large rise in the number of semi-attached and detached townhomes for current and new residents of the city.

East Beaver Creek & Yonge Street

East Beaver Creek is home to the citys Town Hall along with the headquarters of several multinational corporations. This is one of the few areas in Richmond Hill that is very urban-like in its architectural development and overall layout. Yonge Street, as many know, is considered to be one of the largest streets in the world. A portion of this street runs directly through Richmond Hill, and is home to several old churches.

You May Like: Pallets Of Merchandise For Sale

Build A List Of Investors

Your first step in wholesaling auction propertiesif you are new to wholesalingis to build a list of investors and cash buyers.

One of the best ways to find investors is by subscribing to the email and direct mail list other wholesalers put out regarding available properties. After about a month, check with your county and find out who bought those properties. You can use a skip tracing service to get contact information for these buyers.

Another good way to connect with cash buyers is by creating an online presence that includes a lead capture form for investors. If you plan to do other types of wholesaling, you can use a similar process for capturing motivated seller leads.

You can also find cash buyers by attending real estate auctions, reaching out to hard money lenders, using social media, joining real estate investment groups, and simply networking and getting the word out that you are going to be wholesaling auction properties.

Get to know what these investors are looking for in an investment property and communicate with them regularly so you can build a reputation as a source for adding to their inventory. Doing so will make it much easier to build a quality buyers list and flip an auction home to an end buyer.

Wholesaling Houses From An Online Auction

One of the biggest differences between traditional auctions and online auctions is that you typically dont have to produce the cash for the full purchase price immediately at the end of the auction with an online auction platform. You often have a couple of weeks to get your financing in order, though this varies by auction. This is another reason these platforms have grown in popularity.

While foreclosures are more likely to be sold at in-person auctions, REO propertiesthose that are bank-ownedare more likely to be sold at online auctions. Its especially important to review the rules for each auction youre interested in before bidding due to differences among auctions.

Before you can bid on a property through an online auction, you will be asked to register and, in many cases, put down a refundable deposit. The purpose is to ensure anyone taking part in the online auction is a serious bidder and has a valid account and a significant amount of funds or credit available.

Some of the homes auctioned online are still occupied, so you may not be able to inspect the interiors of the homes you target. However, you can still drive past the exterior as well as check out the neighborhood. In some cases, however, self-tours are allowed and this information will be available on the property listing.

Recommended Reading: How Does Bankruptcy Work In Illinois

Ohio Real Estate Auctions

Founded in 1999, by third generation auctioneer, Barry Baker, Ohio Real Estate Auctions, LLC has grown to become Ohio’s largest auction firm Specializing in the Sale of Real Estate at Public Auction. The company currently carries the licenses of over 50 auctioneers – with representation in every Ohio County.

The advantages of selling a property at auction by Barry Baker, Auctioneer.

OREA’s auctioneers are well versed in the sale of Real Estate at Auction ranging from Residential to Commercial & Industrial to Investment Portfolios, to Farms. We have experience in selling real estate at auction in many circumstances including: Seller-Opted, Estates, Foreclosure, Pre-foreclosure, Receiverships, REO and many more.

Although Ohio does not currently require continuing education for auctioneers, our company prides itself on staying ahead of the curve by participating in the myriad of quality training courses offered by the National Auctioneer’s Association such as, Certified Auctioneer’s Institute , Accredited Auctioneer Real Estate , Certified Estate Specialist and many others.

Mill Pond & Heritage Estates

Mill Pond tends to have the highest density of nature trails and outdoor parks in the city, and ends up being the host of many of Richmond Hills annual festivals and events.Heritage Estates is also home to a few trails itself, and contains some of the oldest homes in the city, dating back all the way to the 1800s. This particular style of home tends to be attractive to older individuals who feel a certain nostalgia for this kind of house design.

You May Like: How To Declare Bankruptcy In California

Buyer Expectations When You Win An Auction Home

If you do find the right home and win it at auction there are some expectations you can plan to fulfill. For example, you may have to prove your ability to pay for the home you win either by providing proof of funding or a reference letter from your financial institution.

You are also expected to understand that you are purchasing a home ‘as-is, where-is’ unless otherwise stated. This means no matter the condition of the home, you are solely responsible for repairs and updates.

You may also be purchasing an occupied home and, once the sale is complete, you will have to go through eviction proceedings at your own expense before you can take possession of the home.

Finally, some states have Right of Redemption laws you must adhere to. These laws state that the owner from which the house was foreclosed has a given amount of time during which they can catch up back payments and pay a fee to regain ownership of the home. Any repairs, changes, or updates you make during that time do not have to be reimbursed to you.

Nebraska’s Premier Marketing Team

Farmland and farm equipment, residential and commercial real estate sales. Ruhter Auction & Realty is the premier land broker with a thriving residential homes marketing team. Whether it is the traditional listing or the auction method Ruhter Auction & Realty specializes in connecting buyers and sellers.

Through our long-term relationships and client-focused approach for over 5 decades, Ruhter Auction & Realty has been on the cutting edge of technology delivering unmatched results for our clients.

Also Check: Which Milk Company Filed For Bankruptcy

What Bidders Need To Know

Before bidding at a real estate auction, you should understand the risk you are taking. A bad purchase could haunt you for years. You also need to understand the auctions rules and be prepared to follow them before trying to participate.

You will have to register and submit a refundable deposit of 5% to 10% of the propertys expected selling price to the entity holding the auction. If the auction is in person, be sure to check in at least an hour before the scheduled start and obtain an official card, which you will raise when you are ready to bid.

Winning a property at auction can work in two different ways.

• In a lender confirmation auction, the lender does not have to accept your offer, even if you are the highest bidder.
• In an absolute auction, the winning bid gets the property.

The starting price of the auction may be the balance owed on the mortgage or a lower amount designed to spur bidding. In a foreclosure auction, the lender is not allowed to profit from the auction. Often, these properties are sold at a loss if there is a profit, it is supposed to go to the foreclosed homeowner after the mortgage and any other liens are paid. Auction properties are not always great dealsfor example, the auctioneer could set a hidden reserve price on a property, which is the minimum that must be bid.

Bid And Win A Property

You will need to register at the auction and provide proof of funds before you can bid on a property. Be sure you understand the rules of the particular auction you are participating in. Some auctions require a refundable deposit at the time of registration.

In most cases, settlement takes place immediately after the auction or shortly thereafter. This differs from non-auction wholesaling where you go under contract and assign your interests to an investor prior to closing on the property.

Wholesaling an auctioned home involves double closing. Double closing simply means two real estate transactions occur simultaneously or nearly so.

It is not specific to auctioned homes and includes three parties: the seller, the wholesaler, and the end buyer. In this case, the end buyer is the investor. This is the reason for securing a hard money loan or other types of transactional funding.

Some wholesalers opt to go the wholetailing route, which means they close on the property, then relist it on the open market after completing minor or no repairs.

Also Check: Are Student Loans Covered In Bankruptcy

Finding Real Estate Auctions

One way to find auctions is by contacting local governments directly or visiting their websites for information and then following up by phone to confirm the details. Another is through sites such as RealtyTrac.com and Auction.com. However, online information is not always accurate.

Properties may be listed that are in pre-foreclosure, because the owner is behind on payments. These properties may never go up for sale because their owners catch up on payments or come to an arrangement with their lenders.

Local real estate agents and brokers can also be valuable resources. Unfortunately, you may not find them eager to help, because agents and brokers do not automatically earn commissions on live auctions. However, these realtors can earn commissions through online auctions.

How Can You Get An Auction Property Under Contract

Whether you are taking part in an online or in-person auction, you enter into a contract to purchase the home if you are the winning bidder.

Rather than assigning your purchase contract, as in a traditional sale, you will then enter into a sales contract to sell the property to an investor. This is referred to as a double close because once you close on the purchase, you will want to immediately sell to an investor and close on the sale.

This illustrates why its so important to have a network of investors as well as a source of hard money loans before wholesaling auction properties.

Read Also: How Long Does Bankruptcy Take To Go Through