Home Selling in Tampa>Question Details

Heartbroken, Home Seller in Florida

Need the list of real estate auction companies

Asked by Heartbroken, Florida Wed Jan 21, 2009

We need a list of companies who Auction Real Estate. We have a nice home on waterfront in an older neighborhood and the appraisal we got in Aug 2008 was 435,000. We figure we lost 20,000. but we did improve our dock. This house is also on the water and went into short sell a while ago but its price per square foot was not bad, but now they have dropped the price down alot. We want to sell our home FAST while the comparitive sales are still decent and we heard about auctions.
A friend told us that appraisers compare homes within 500 square feet so our home would be effected by this short sale.

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Answers

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I'm sorry I misread your original question.

Generally appraisers do not use Short Sales or Foreclosures in the appraisal process. However if there are no other properties to choose from they may have to.

In my opinion if you do not have to sell right now I would not sell. I think we still have some pain ahead of us as far as Short Sales and Foreclosures are concerned but with the gov't putting a lot of effort into stabilizing the economy the first thing they need to stabilize is real estate. It is the life blood of our economy.

Rates are at a historic low and it seems like buyers are getting back in to the market. It's a tough call but I think the market will be better in 2 years than today. If you need to sell before that point you cannot expect some low ball offers.

Unfortunately I do not know the names of any of the auction companies but I hope this was a little helpful.

Jeff
0 votes Thank Flag Link Wed Jan 21, 2009
Jeff, We have about $150,000 in equity in our home and are having no problems paying for it but we are afraid that when this home that is in short sell by us, is sold at the low price its currently at, we will loose at lease 60,000 in equity because that home will be the new comparitive.

We are thinking about an auction so we can get out fast and still keep our equity.
0 votes Thank Flag Link Wed Jan 21, 2009
Not sure an auction is really what you are looking for. If you owe more than the house is worth you would either need to bring money to the closing table or get the bank to approve a Short Sale. An auction company would still need lender approval for the Short Sale. Feel free to look at our short sale information page

http://tampabayhousefinder.com/shortsale.htm (copy the URL into your browser)

it should shed some light on the situation.

Feel free to give us a shout if we can be of further assistance.

Jeff Gould
0 votes Thank Flag Link Wed Jan 21, 2009
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