Encore Realty Group
I have taken clients to the Hudson & Marshall auctions that are live here in Las Vegas and assisted them with the bidding process. They were able to successfully win the bid on a property that was priced way below market. We knew this and knew the limit to bid from the market research I did prior to attending the auction.
Williams & Williams isn't familiar to me but auction.com is. The process is similar and they all charge a 5% buyer fee (usually 5%) that is added to the price if you win the bid. After the winning bidder is announced one of their staff then takes them to the signing table to qualify the buyer and complete the purchase. And there are documents you must bring with you, which your agent can advise you on. After that the process continues with a title company, same as with a regular resale. Closing is 45 days or less.
The advantage to buying at one of these auctions, as opposed to the courthouse, is that these properties will come free of liens and utilities and taxes will be paid to date. Also the bank that owns the property has their representative there, and the winning bid price is approved by them on the spot.
Your agent can provide you with a list of properties that are coming up for auction and then do the market analysis for whichever ones you are interested in. It is best to pick a couple so you have a back-up if you don't win the bid the first time. Auctions really are fun but don't try to go it alone as the action is fast and you may miss something and lose out on the bid. Two sets of ears is definitely better than one, unless you do this for a living.
If you contact me I can provide you with more information and assist you with the next auction that is being held here soon.
Barbara Richie, REALTOR, SFR, SRES
"Experience that counts. The expertise to make it happen!"
Encore Realty Group
I have successfully closed auction.com transactions here in Las Vegas for one of my investors. While I watch the Williams and Williams, I have never been party to a transaction with them. If you would like, I would be more than happy to assist you with either of these companies. Feel free to contact me at your convenience.
Southern Nevada Property Management
8871 W. Flamingo Road Suite 202
Las Vegas, NV 89147
One Source Realty and Management
Cell - 702.501.0973
Website - http://matthewsellslasvegas.las.mlxchange.com