[Chat] [Discussion] Charles Village houses to be auctioned

[Stephen J Gewirtz]

John,

Thanks for a very clear explanation.  I had not thought about the impact 
of lead paint laws; on the other hand, there is something very immoral 
about renting out apartments and houses which expose tenants to lead.  
Too many entrepreneurs in our capitalist system think only of profit and 
ignore the potential victims of their greed.

Steve.

John Spurrier wrote:

>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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