[Chat] [Discussion] Charles Village houses to be auctioned
John Spurrier
jfspur at hotmail.com
Sat Nov 12 15:02:05 EST 2005
When houses are sold at auction the sale is considered as-is. Buyers are
given a short window
of opportunity, often less than an hour, to view the property immediately
before the auction
takes place. Auctions are much more common with investment properties.
Unlike listing a property with a realtor, the owner of a house being
auctioned usually does
not pay a sales commission. Instead a buyer's premium of 5 - 10 percent of
the final bid is
charged to the buyer.
Some might argue that an auction is one way to sell a property for its true
market value,
however only a small percentage of buyers are comfortable purchasing houses
without
the benefit of financing and/or inspection contingencies.
As 2005 comes to a close more properties in Charles Village will have
changed hands than
in any recent year due to a large number of investors selling their
portfolios. Some are motivated
by the high prices buyers have been willing to pay, while others want to
sell before they will
be required to be in full compliance with Maryland lead paint laws in
February 2006.
John
>Does anyone know the circumstances for these auctions? What leads to an
>auction rather than a conventional sale through a broker?
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