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How Real Estate Auctions Work

April 25, 2019

The Inside Story About How Real Estate Auctions Work

Hey Bidder, Bidder!

I’ve long been curious about how real estate auctions work.

My curiosity got the best of me recently, so I spoke with a respected local real estate auctioneer to learn more about real estate auctions.

Here’s what I learned: (other than the fact that auctioneers talk funny)

Type of Sale

Real estate auctions are usually “live” onsite auctions with buyers present during the auction.

General Process

Buyers must register and provide proof of funds or pre-approved financing.

Earnest Money

Winning bidder must submit 5% non-refundable earnest money.
Earnest money is held by a designated title and escrow company.

Contingencies

Real estate auctions are “absolute” with no contingencies.

Inspections

Bidders may have the property inspected at their own expense prior to the auction.
The property is transferred “as is” with the seller making no repairs.

Financing

Bidders may arrange financing, but they must provide a non-contingent loan commitment prior to bidding.

Commissions

The seller pays the auctioneer a commission.
The auctioneer pays the buyer’s agent commission if the bidder is represented.
If the bidder is unrepresented, the auctioneer receives the buyer’s agent commission.

Buyer Premium

The successful bidder pays the auctioneer a premium (of the purchase price) at closing.

Agency Representation

Bidders can be represented by their own agent at the auction.
The auctioneer pays the buyer’s agent commission.

Summary

Real estate auctions aren’t for everyone, but they provide immediate sales results and closable sales without the uncertainties of traditional real estate transactions.

You should have your own agent when buying at auction.

I can represent you, as a bidder, at a real estate auction.

My auction services include:

Market Analysis
Coordinate inspections
Provide market insights
Contract review
Coordinate escrow processing
Review closing documents
Attend closing appointment

For more information, please call me at (208)938-5533 or e-mail me.

Free Advice: Don’t raise your hand if you don’t want to buy the property!

__________________________________________________

Stated terms above were obtained from one specific auctioneer.

Other auctioneers may have different terms and/or policies.

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Just Listed: Alpine Pointe Home With 52′ RV Garage

April 16, 2019

Stunning Alpine Pointe Home With 52′ RV Garage!

Alpine Pointe Home w/52’ RV bay (14’ door), water, 50-amp power, and dump station.
1/3-acre corner lot with rear yard privacy.
5 minutes to Village At Meridian and I-84.
2,524 sq. ft. of finished living area.
Single-level floor plan w/upstairs bonus room.
Three bedrooms, three baths, office inside entry, and a big bonus room over the garage.
Gleaming hardwood flooring (recently refinished).
Chef’s kitchen with custom Alder cabinetry, double ovens, slab granite counters, overlooking the private rear yard.
Luxurious master suite with tile shower, separate vanities, and HUGE walk-in closet.
3^rdbedroom with adjoining bathroom is ideal for separate living quarters or guest quarters.
Simpli-Safe^®security system and Ring^®doorbell.
Covered patio with near-new Hot Spring^®spa.
Covered gazebo.
3-car garage and 52’ RV bay!
Lush landscaping with pressurized irrigation.
Full vinyl fencing.
Storage building in the rear yard.
Hot Spring^® spa, kitchen fridge, washer, dryer, garage fridge, garage freezer, and garage storage units included.
2019 Zamzow’s lawn program included.

Offered At $540,000

Call For Your Own Private Showing

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Eagle, Idaho Homes On Acreage

April 2, 2019

Eagle, Idaho Homes On Acreage Offer Breathing Room!

Eagle, Idaho is the ideal location for home buyers seeking country living while enjoying nearby shopping, restaurants, health care, and an abundance of recreational opportunities.

View All Available Eagle, Idaho Homes On Acreage

Eagle’s population is around 24,000 friendly people now.

I still smile when I see Eagle residents hold a door open for the person behind them, or wave other motorists through four-way stops while patiently awaiting their turn.

I moved to Eagle in 2001 after researching the entire Treasure Valley real estate market.

I chose to build in Brookwood, a stunning planned community with abundant common areas, lakes, streams, and walking paths located about a mile from downtown Eagle.

View All Available Brookwood Subdivision Homes

From my home, it’s a five-minute drive to Albertson’s, WinCo, The Home Depot, several banks, health care, and numerous eateries.

A trip to downtown Boise takes about 20-30 minutes, depending upon the time of day and our ongoing road improvement projects.

Portland and Salt Lake City are both about four hours’ driving time, depending upon traffic, weather, and other variables.

My favorite nearby stress reliever is a leisurely drive up nearby Highway 55 on the Payette River Scenic Byway.

Current home prices for Eagle Idaho homes on acreage range from $425,000 to $3.6 million.

Listing inventory for Eagle ID homes on acreage is always scarce and desirable properties often sell quickly.

View All Available Eagle, Idaho Homes For Sale

Thinking of moving to Eagle, Idaho?