In the Tulsa area, are auctioned properties selling for their estimated value?
There are always suggested auction prices listed, such as starting bid; and estimated sale price. Are these prices holding up considering the economy?
Answers (1)
FIRST ANSWER
Micah,
Auction property most of the time sell higher than value, because of the speed at which these transactions take place, buyer will end up paying more than they would if the were to buy from a realtor or from the seller directly. If you have not been at a real estate auction they go very quickly. the price will jump from say 5k to 100k in less than two minutes so you need to be ready and move fast to get the bid.
call me if you need any other questions.
Web Reference: http://www.jwhemphill.cbtulsa.com
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