Posted On: May 28, 2010
Auctions Help Homeowners Avoid Foreclosure
A recent article at CNNMoney.com said that a growing number of U.S. homes are being sold through private auction rather than through realtors in an effort to sell more quickly and avoid foreclosure.According to the National Auctioneers Association, auction sales in the first three months of this year increased 14% over 2009. In some areas of the country, auction houses report a 50 percent jump in activity.
One real estate auction company executive said that the entire process, from first listing to closing, can take as little as 10 weeks.
Auctions are held onsite at the home, making it available for personal inspection by potential buyers. All auction properties are sold “as-is,” and buyers must pay immediately via money order or cashier’s check.
Banks are also turning to auctions for REO sales, lured by the speed of the process. Even developers have used auctions to move slow-moving inventory.
Auction industry insiders say that homeowners who have tried to sell their property through traditional methods find the auction process a welcome relief, since the sales are conducted quickly and cleanly without having to dicker with potential buyers and their agents over fixes and price.
If you are facing a foreclosure in Florida and need help, contact our Jacksonville, Florida foreclosure law firm.
Greg Gilbert
Keith Maynard
