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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.

Just Listed: Alpine Pointe Home With 52′ RV Garage

April 16, 2019

Stunning Alpine Pointe Home With 52′ RV Garage!

Alpine Point Home

Alpine Point Home

  • 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.
  • 3rd bedroom 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

View Meridian Idaho Community Profile

View The Tour of Meridian Video

Eagle, Idaho Homes On Acreage

April 2, 2019

Eagle, Idaho Homes On Acreage Offer Breathing Room!

Eagle, Idaho Homes On Acreage

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?

  • I live in Eagle and know the market inside out.
  • I work with a few clients at a time to ensure exceptional service.
  • No sales talk, no drip e-mail marketing; just the truth and useful information.
  • Think of me as your personal real estate consultant!
  • No team of junior agents; I will personally work with you.
  • References (lots of them!) available upon request.
  • My 47 years’ experience is your assurance of competent, responsive service.

Give me a call at (208)938-5533, or e-mail me, and let’s talk!

Eagle ID Community Information

Tour of Eagle Video

Eagle Country Lifestyle Video

Data pertains to Eagle, Idaho single-family homes on acreage (1+ acre lot size).

Eagle Idaho New Homes For Sale

March 28, 2019

Eagle Idaho New Homes For Sale, By Price Range

Eagle Idaho New Homes For Sale

Eagle ID New Homes: Total

  • # Available: 133
  • Average Asking Price: $569,510
  • Median Asking Price: $529,900

View Eagle Idaho New Homes For Sale

Eagle ID New Homes: $100,000  to $199,999

  • None

Eagle ID New Homes: $200,000 to $299,999

  • None

Eagle ID New Homes: $300,000 to $399,999

  • # Available: 25 (18.8% of all)
  • Average Asking Price: $352,866
  • Median Asking Price: $354,198

Eagle ID New Homes: $400,000 to $499,900

  • # Available: 29 (21.8% of all)
  • Average Asking Price: $460,271
  • Median Asking Price: $449,235

Eagle ID New Homes: $500,000+

  • # Available: 79(59.4% of all)
  • Average Asking Price: $678,169
  • Median Asking Price: $649,777

Eagle ID Community Information

Tour of Eagle Video

Eagle Country Lifestyle Video

Data pertains to Eagle ID new homes for sale on lot or acreage.

Data does not include condo or townhome properties.

New = To Be Built, Under Construction, and New-Never Occupied age categories.

Meridian Idaho New Homes For Sale

March 26, 2019

Meridian Idaho New Homes For Sale, By Price Range

Meridian ID New Homes: Total

  • # Available: 301
  • Average Asking Price: $389,207
  • Median Asking Price: $361,080

View Meridian Idaho New Homes For Sale

Meridian ID New Homes: $100,000  to $199,999

  • None

Meridian ID New Homes: $200,000 to $299,999

  • # Available: 74 (24.6% of all)
  • Average Asking Price: $282,247
  • Median Asking Price: $283,990

Meridian ID New Homes: $300,000 to $399,999

  • # Available: 118 (39.2% of all)
  • Average Asking Price: $346,665
  • Median Asking Price: $343,490

Meridian ID New Homes: $400,000 to $499,900

  • # Available: 76 (25.3% of all)
  • Average Asking Price: $450,925
  • Median Asking Price: $449,235

Meridian ID New Homes: $500,000+

  • # Available: 33 (10.9% of all)
  • Average Asking Price: $639,038
  • Median Asking Price: $549,900

Data pertains to Meridian ID new homes for sale on lot or acreage.

Data does not include condo or townhome properties.

New = To Be Built, Under Construction, and New-Never Occupied age categories.

Read More About Meridian, Idaho

View The Tour of Meridian Video

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Phil Hoover
Real Estate Broker
Phil Hoover, Inc

BoiseBlog.com


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