I see these newspaper articles about real estate auctions. There are the regular county auctions (sheriffs auctions) that real estate companies buy to sell for profit later at their own house auctions. Regardless of who hold auctions, is the winning bid real the total cost of buying a house from the auction? Can you buy a house from an auction for say few thousands dollars? I can’t google the real estate buying process. Where I can learn about the process of buying houses?

Real Estate Professionals

History: Continued

Popular in some parts of England in the seventeenth and eighteenth centuries, auction by candle was the preferred method for the sale of goods and leaseholds. The auction began with the lighting of a candle at which point bidding began. The process continued until the candle finally extinguished itself. The highest bid secured at this point won the auction. It was used from about 1490 to 1893 and is sometimes used even today in ceremonial events. After 1674, it was gradually replaced by the English auction. Both types of auction are ascending open auctions.

The Stockholm Auction House was established in 1674 in Sweden and is widely regarded as the world’s oldest auction house.

Shortly after the end of the French Revolution in 1799, auctions came to be held in taverns, now referred to as public houses, and coffee houses, similar to a café, with the purpose of selling art. These types of auctions were held on a daily basis, and catalogues were printed to make known the items that were available for sale. Such catalogues were normally printed and distributed before auctions of rare or collectible items, such as art, jewellery, postage stamps, and antique furniture. In some cases these catalogs were elaborate works of art themselves, since they frequently included detailed descriptions of the items, their origin, historical significance, photographs, etc.

The world’s second-largest and third oldest auction house in continuous operation is Sotheby’s. It held its first auction in 1744. In fact, the oldest auction house is Stockholm’s Auktionsverk, founded in 1674, whilst the second oldest is the Uppsala Auktionskammare, founded in 1731.

The world’s largest auction house is Christie’s, which specialises in fine art. The official company documents states that the founder, James Christie, conducted the first sale in London on 5 December 1766.

There is intense rivalry between the two eminent houses, Sotheby’s and Christie’s, for the status of the world’s most pre-eminent fine art auctioneer.

Other early auction houses of significance that are still conducting business include:

The Dorotheum, which was established in 1707, is one of the world’s oldest auction houses. Based in Vienna, it specialises in furniture, porcelain, and jewellery from various centuries.

Bonhams is a privately owned British auction house, with its first sale conducted in 1793. After Sotheby’s and Christie’s, it is the third largest auctioneer. Records show that it conducts around 700 auctions each year.

Phillips, de Pury & Company is an auction house and art dealership which specialises in the areas of Contemporary Art, Photography, 20-21st Century Design, Art and Jewellery. The company was first established as the auction house of Phillips, created in London by the young entrepreneur Harry Phillips. He opened his own auction house, in 1796, after leaving his position as senior clerk to James Christie, of Christie’s

Lyon & Turnbull is privately owned, and an auction house of international repute. Based in Scotland, it was established in 1826. As Scotland’s oldest auction house, it also holds the position as the largest independent auctioneer in the United Kingdom, outside of London. It also has the enviable status as the fastest growing auction house in the UK.

Auctions – How To Succeed

Peter Radford writes Articles with Websites on a wide range of subjects. Auction Articles cover Background, History, Types, Uses, Bidding.

Website has many more.

View his Website at: auctions-how-to-succeed.com

View his Blog at: auctions-how-to-succeed.blogspot.com

 



Quick Property Sale

If you have both a moortgage and a 2nd are you still financially responsible for the amt owed? even when it has gone back to the bank?

Quick House Sale

yet i am at a loss as to how to go about this.
i need to find a reputable buyer who is willing to give a fair price.
i am in the fife area of scotland.
does anyone have any advice, much appreciated thankyou.

Rent Back

Do you want to invest in profitable property or simply buy a new home at a bargain price? If so, you want to consider property auctions.

Properties sold at auction are often owned by mortgage lenders after repossessions, former council / housing association homes or have being empty for some time after the owner passed away.

In each case, the owner has put the property on auction for a quick sale and this can lead to some great deals on the market value.

Finding an auction

As auctions tend to cater for property professionals, rather than the general public, advertising and awareness of auction houses is limited.

A good place to start is looking through the telephone directory, yellow pages or searching on Google or Yahoo.

Another good tip is to keep an eye out for Sale signs outside homes. Where the board says ‘for sale by auction’, call the telephone number provided. For more details visit to www.auction-entrepreneur-kit.com .You will either get through to an estate agent acting on behalf of the auction house, or you will get through to the auction house directly.

If you get through to an estate agent, ask them for the contact details of the auction house. The estate agent may be reluctant to do this, so it is worth being persistent.

Once you are able to make contact with the auction house, ask to be put on their mailing list. Although there is likely to be charge for this, you will begin to receive details of properties due for sale.

Before you bid

Having identified the property that you want to buy, you will need to arrange finance. For most people this will mean approaching a mortgage lender and it is important to do this in advance of the auction.

Remember once you win a bid, you are legally bound to purchase the property and you need to be able to pay within a set number of days.

The mortgage lender will require a basic valuation of the property, but it is advisable to invest in a full survey as the property may be at auction due to structural problems, which the basic survey would not pick up.

Before bidding for your desired property, you may want to attend a few auctions to get a better idea of the experience.

Winning your bid

Set yourself a price limit, but do not get carried away and bid beyond it. For more details go to www.mining-auction-gold.com .Having had a valuation done, you will have a good idea of the market value and should not go above the amount agreed with your mortgage lender.

If your bid is successful, you will be legally bound to purchase the property and will need to put down a 10% deposit of the property’s selling price. You will be asked to sign a contract, which you would have seen before the auction and the seller will be legally bound to complete on the day. Finally you will need to pay the remainder of the selling price within an agreed period, such as 28 days. Congratulations, you have just picked up an auction deal.



Repossession

I live in Philadelphia. I have an expensive guitar amplifier and need to sell it, but eBay has done nothing for me except bill me for failed auctions. Can someone tell me what options I have? Do auction houses sell stuff like this?

Repossession

Property auction takes places around the country, but they are advertised only about four weeks before. Advertisement are done in local newspapers, internet, so that sales can take place. The best bargains can often be found when properties are auctioned outside their local area. You can get an auction catalogue for a small fee direct from the auctioneer wherein you will find information regarding sale, guide prices, viewing times and any special conditions of sale. Do appoint a solicitor who will do the entire document work for you. Solicitor will give you all the important information regarding home auction. Visit the property on any of the day that has been listed in the catalogue. Try to take a surveyor or builder with you. Viewing of the house can be done twice a week and are open to everyone.

Do remember that a guide price should be closer to reserve price; any may have no relationship at all to the final sales price. A guide price gives an indication of the price that the property is expected to sell for and what the vendor is hoping to achieve. Guide prices are for information only and shouldn’t be relied on as indication of reserve price, or representing professional valuations for any purpose. Do not make an offer price before the sale as it may increase the reserve price. Property auction finance involves arranging auction mortgages within the time constraints laid down by the auction house. Normally you will be required to pay a 10 percent deposit on the day of the auction, and complete the purchase within 28 days. So keep all the finance in place before you bid. For repossessed homes, the amount should be paid within 14 days. Auctions generally take three minutes per lot. Once the hammer has been bit you have to pay 10 percent deposit amount and sign the contract of sale, so better be in your limits and bid on the right lot. If you do not know as how the sale is done, attend a sale or two on trial basis before bidding.

If you are worried that you may get carried away, it would be better if you take your friend or solicitor to bid on your behalf. You can also bid by telephone or online. Do pay attention to the auctioneer’s announcements at the beginning of the auction as he will explain the procedure and disclose the lots that are being sold or withdrawn prior to sale. Do not get emotionally attached to a property. If you miss this one, you can buy another one. It would be better if you don’t start the bid as this can push the price up. Look into post-auction sales. Forty percent of the properties at auction do not sell. The seller may take a back seat as he was not able to sell the property before the auction or after it so now you can negotiate a bargain. Nowadays more and more property are coming for auction.



Quick Property Sale

Every so often we stumble upon a website which grabs our attention. One such site is Split Second Auctions. This site (at first glance) appears to be just a venue for Live Auctions, however, once I began reviewing their Knowledge Base it quickly became clear that this company is poised to become a major contender within the Live Auction arena. Web address http://www.SplitSecondAuctions.com

Split Second Auctions is something of a hybrid, in that while it acts as a venue to drive traffic into its client based catalogs, it also offers Live Auction seller’s tools and technology to enhance the overall Live Auction experience. It would also appear as though this company is offering Live Auction sellers more “autonomy” over their event, as opposed to other competitive third party providers.

In reviewing other Live Auction platforms, we found distinct differences between the Split Second Auctions platform and other providers. On the user side, the Bidder Console is a breeze to download and install. In fact, once the console is downloaded and installed (within a few seconds) an icon, with the Split Second Auction logo (and co-branded auction seller) appears on the users desktop. One click on the desktop icon opens the Bidder Console. Once the user logs in with their username and password, they enter the auction within a split second (hence the name of the site).

The enhancements go beyond other “run of the mill” Live Auction platforms in that the Split Second Auction platform “forces” Internet bids to be accepted. In other words, an Internet user’s bids are given priority. We found that on other Live Auction platforms, Internet bids are not “forced” and many bidders find themselves clicking on their mouse (repeatedly), however, their bids are not accepted in the order in which they are received.

In some cases, we found that bids placed through other Live Auction platforms may not register at all. In other cases, it would appear that the user is clicking dozens of times to place their bids, only to find that their accepted winning bid was much higher than they had wished to bid. The “forced” acceptance of Internet bids ensures that the bids are accepted and recorded in “real time”.

A distinct advantage of the Split Second Auction platform is the option to view and hear the auction in progress. In comparing other Live Auction providers, we found that those providers can charge upwards to $1,000.00 per event for sub-second streaming audio/video feeds. We have been informed by Split Second Auctions that they do not impose additional fees (per event) for audio/video feeds. In fact, we learned that the auction seller does not even require expensive audio/video equipment – an inexpensive webcam will suffice.

Auction houses, which seek to take advantage of the global market-place, have the option to upload 2,500 lots “on the fly” and operate their auction using an extended auction window of twenty-four hours. Those houses opting for the twenty-four window may run their auction for eight hours (or as determined by the house), announce a floor intermission and then continue their auction. No doubt, auction sellers will find the extended auction window beneficial as they can cross international time zones and maximize their exposure and revenues.

The founders of Split Second Auctions have utilized various Live Auction platforms (as I came to learn in my interview with Paul Fischer – CFO of The Windsor Group). I was told that Windsor has elected to open its venue for all Live Auction sellers who seek to take advantage of the extended auction window, co-branded Bidder Console and free sub-second audio/video streaming technology. “We will aggressively market to all Live Auction sellers who operate both traditional and virtual auctions” stated Mr. Fischer.

Indeed, those operating virtual Live Auctions will have the option to participate, as long they adhere to specific rules imposed by Split Second Auctions. The site owners will require that virtual Live Auction sellers be completely transparent in the operation of their auction events and in their dealings with online users. As Fischer stated “there are many virtual auction houses, which seek an outlet in which to offer their goods to a global audience. The advantage of Split Second Auctions to such sellers is the option to broadcast through sub-second audio/video feeds coupled with real time bidding. Virtual houses will be broadcasting their feeds, accepting bids from a worldwide audience and basically operating something akin to that of a Broadcast Television Auction event.”

The idea of “if you build it, will they come” has been answered by the dozens of Live Auction sellers who are presently in negotiations with Split Second Auctions to brand their own Bidder Consoles. I spoke with seven such auction sellers in preparing this article and their consensus of the site, as a venue, in conjunction with the tools and advanced technology, could give the current leaders in Live Auction industry – a run for their money!



Sell and Rent Back

I live in a house i was renting. It was foreclosed on and now someone else bought it at the sheriff auction. How long do I have to move before I get locked out?

Rent Back

e going to do your business through online auction houses, make sure you have familiarized yourself with the rules of the game. Here’s a quick checklist to make sure you can have a hassle free trade.

1. There are a large number of different auction houses offering different specialties. Each one of them will have slightly different rules and regulations covering how trades are conducted. Make sure you have read the rules of each auction house that you want to trade on. Familiarize yourself with the protections that they do offer, covering the return of faulty or damaged goods etc.

Note, almost no auction house will guarantee any part of the transaction. It is up to the buyer to verify that the seller will provide the promised product or service.

2. Almost all of the problems with online auctions (and there are very, very few) arise from the sellers. They do not ship the article, they ship it late, the quality is inferior to that which was advertised and so on. Make sure that you identify the buyer, do not just rely on an e-mail address and see if you can get a phone number, find out why the product or service you’re intending to buy is cheaper than you can buy in a store. If you have the slightest concern, don’t make a bid – because remember, if your bid is chosen – you have to pay! Some auction houses have verified the credentials of their regular sellers; consider buying from these reputable dealers first.

3. Payment. Use a secured online service, often an auction house will recommend one like Paypal, MoneyBookers etc. Don’t be lured into making a payment into an escrow account, which has been recommended by the seller. Choose your own if you wish to go this route, the auction house will have some reputable recommendations.

4. Don’t be lured off site. Some unscrupulous sellers will suggest that you do a separate trade with them privately. They will say this is to avoid the fees charged by auction houses. If you purchase privately, you lose all the protection offered by the auction house.

5. Don’t bid for something you can’t afford. And remember that it is usually the buyer who pays for the shipping and Insurance (Optional); so don’t forget to add that into the price you are prepared to pay.

6. Remember, the vast majority of sellers and buyers are honest, legitimate people who will honor the agreement reached at an online auction house. However, you need to take some precautions before you bid to make sure that you don’t fall prey to a rogue seller (or buyer). Almost all of the problems with online auctions (and there are very, very few) arise from the sellers. They do not ship the article, they ship it late, the quality is inferior to that which was advertised and so on. Make sure that you identify the buyer, do not just rely on an e-mail address and see if you can get a phone number, find out why the product or service you’re intending to buy is cheaper than you can buy in a store. If you have the slightest concern, don’t make a bid – because remember, if your bid is chosen – you have to pay! Some auction houses have verified the credentials of their regular sellers; consider buying from these reputable dealers first.

Rent Back Fast