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Looking for…, Home Buyer in Atlanta, GA

Can anyone tell me about home auction companies? I'm house shopping and I have ran across some NICE homes from auctions during the time we

Asked by Looking for Knowledge, Atlanta, GA Mon Mar 29, 2010

weren't ready to purchase last year. Now is the time so I would like to see when more auctions are coming up. I am aware of REDC (auction.com), William and Williams as well as Hudson and Marshall. Tell me more please. :)

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I apologize but I don't quite understand the question? If you are asking for a yellow page listing of auction houses you are in the wrong place. As Robert suggested, Google is the best place to start and you already named some of the bigger houses.

No agent in their right mind would recommend an auction company. It would be allot like telling a qualified buyer to search out short sales... Please excuse my blunt manner because I am not here to bad mouth the process. Just know that as a retail buyer, looking to purchase a single home to be owner occupied, you should not buy a house sight un-seen or with a single weekend walk through. In other words, Putting all your eggs in one basket with out an inspection or due diligence period is not the smartest thing to do.

However, If you are an investor, looking to purchase a dozen homes in the $100,000-$300,000 price range then you can effectively hedge your bets across multiple homes. That way if you pick up one or two bad ones you are still covered.
Web Reference: http://www.morgansteam.com/
0 votes Thank Flag Link Sat Sep 4, 2010
Hi L Jackson,

If you want info on Auction companies - simply Googleing it is much more direct than going to Trulia and posting a question. Also look in the AJC homefinder etc.

But as you asked, I will tell you about home auction companies:

As Brokers, we get printed and email inforation from both national and local GA auctioneers when properties in all price ranges are coming up for auction. Auction companies send and email us because we are known buyer brokers.

In order to compete - you have to have cash or financing in place and auction companies require you to put up non refundable earnest money (it is returned if you are outbid - but not if you cant close in time or secure financing in time) or you arent allowed to even bid. I say all this because an auction is not neccessarily the best place to get the best deal and a lot of folks have that misconception. I have friends who are auctioneers and own auction companies and have some insight here. There are deals to be had, but you are up against the big boys on the really nice deals - investors and folks who are standing there with $500K - $1 million in Bank Cashiers Checks or sometimes even cash in a brief case. They dont have to worry about thier lender letting them down and not following through with a promised loan in 30 days, or limiting their bid to thier loan approval amount.
0 votes Thank Flag Link Tue Jun 8, 2010
No offense taken. Find the house you like first. If it is set to go to an auction then we can find out who is the auction company. But if all you want is to buy homes from auction companies then Google can always assist. Most agents don't deal with the auction process even if they have it listed and the bank tells them they are sending it to the auction. The auction company is an entity by itself.
0 votes Thank Flag Link Tue Mar 30, 2010
Thank you for comments Scott and Travis. Please only comment if you have suggestions on Auction companies. I'm not trying to be rude but I've notice alot of times on these forums when you have questions people tend to either market themselves or give advice on something. I understand the auction blah blah blah but I would like Auction company information. Thank you :)
0 votes Thank Flag Link Tue Mar 30, 2010
When buyingthrough an auction you need to do some homework, you need to first find out if you are responsible for any back taxes, second mortgages or leins on that property. As well the sale is as is, so you need to complete as much of an inspection as possible as their is not contingincy on an acceptable inspection. You need to base your offer on this inspection and what the value of the house is in todays market. As far as the REDC and other similar types of auctions you need to read the fine print. I have had properties in which i was the listing agent and open house agent etc in teh auctions to have people furious they did not read the starting price was $10,000 and the bank in most cases as a minimum or reserve. if you are the high bidder and the price is not high enough, the bank can choose not to sell it, can keep marketing the regular way to see if they get any other offers or can just counter you with what they will accept. A good buyer broker expereinced in auctions and reo can assist you through the process. good luck with your auction.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Mar 30, 2010
From what I understand, some of these auctions are for investors only. You have to be prescreened to buy at these auctions.
0 votes Thank Flag Link Tue Mar 30, 2010
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