Posted by KimK/pa on 8/7/07 11:56pm
Msg #204456

Local Real Estate Auctions

Have any of you attended any local auctions for marketing or networking? I did a search and nothing came up.

Reply by ToniK on 8/8/07 9:33am
Msg #204490

umm arent real estate auction done at the courthouse? Check out realtytrac.com they give you a heads up on the real estate market sales such as pre foreclosures, auction and foreclosures. It tells you hwo to contact the mortgagee and mortgagor as well as when the auction is scheduled and other such pertinent information

Reply by MistarellaFL on 8/8/07 9:56am
Msg #204496

Kim is speaking of private RE auctions.
I did investigate this a few months back, and the particular company I spoke
with does not use outside notaries.

Reply by KimK/pa on 8/8/07 11:02am
Msg #204503

Thanks Misty and Toni. I was asking about private auctions. I did not know if this was worth pursuing.

Reply by sue_pa on 8/8/07 12:05pm
Msg #204513

Hi Kim. What you will find is that a lot of these properties go to investors. They have lines of credit in place and in effect pay cash. Their lawyer/title company handles the closing for them - usually goes through within 10 days or so. When I worked in a law office we had several investor clients. Monday mornings the paperwork would be under the door. We knew exactly what to do when we'd see these envelopes and often times were able to close in 3 or 4 days. If a private individual gets the house, they go about closing as they normally would - through their attorney, title company or a broker handles everything for them.

I have had several auctioneers contact me throughout the years - they want you to sit there for an undetermined amount of time for VERY little money (such as $25) and then do the vehicle transfers - this is usually when an individual has several to sell.

Reply by Kimberly Kislak on 8/8/07 1:23pm
Msg #204530

Thanks Sue and Todd,
So, this is the reason nothing came up in any search I did. A few years back one of the local auctioneers helped a relative of mine find a buyer. They attended the closing along with the notary. Thank you Sue for explaining, I appreciate it.

Reply by sue_pa on 8/8/07 1:29pm
Msg #204531

Perhaps it was a local custom to have the terms & conditions (equivalent of sales contract) notarized.

Reply by Todd/OH on 8/8/07 11:04am
Msg #204505

Private auctions are often advertised in the paper to get a crowd. It's tough to get the business since they often use a specific attorney for the paperwork.