My New Blog

From The New York Times:

Real estate auctions, rarely used in New York, have the potential to both move property and indicate to reluctant buyers what the true market prices are. Given the current sales drought, even a handful of auctions could reset prices for new condominiums citywide, said Jonathan J. Miller, the president of Miller Samuel, a Manhattan research and appraisal company.

[...]

Auctions have succeeded in loosening other battered markets, like South Florida. In two held there last fall by Accelerated, 30 to 40 units in partly sold developments went for about half their peak prices. The developers say sales have picked up since then, at prices slightly below those received at auction.

An auction works like a catalyst in a battered sales market by redefining sales prices.   

From The Oklahoman:

“House Prices remain stable; building slows”

By Richard Mize

Metro Home Sales:

April 2008 April 2009 Change

Mize, Richard. "House prices remain stable; building slows." The Oklahoman 23 May 2009, Real Estate sec.: 2B.

From the New York Times:

…First Financial Network, a loan sale advisory firm in Oklahoma City, has a contract to sell loans from failed banks for the Federal Deposit Insurance Corporation. Additional firms are being enlisted in the agency’s loan sale effort, David Barr, an F.D.I.C. spokesman, said in an e-mail message.

The emergence of online auctions represents a major evolution for the loan sale market, which began in the aftermath of the savings and loan crisis in the early 1990s.

[…]

The first online auctions for loans emerged early this decade.

[…]

Two new auction Web sites, www.LoanMarket.net and www.BigBidder.com, opened earlier this year, selling troubled residential mortgages on a piecemeal basis.

[…]

“The discounts can be massive and the profits are great,” Mr. Engle says in a video promoting the course.

Dakil Auctioneers, Inc.

73 PROPERTIES BEING SOLD AT SEALED BID AUCTION

BIDS DUE: TUES. JUNE 30TH AT 4:00 PM

BID TO BE RETURNED TO DAKIL AUCTIONEERS, INC.
200 NW 114TH STREET, OKLAHOMA CITY, OKLAHOMA
(W. Side Service Rd of the Bdwy Ext. between 122nd & Hefner)

Sealed Bid Auction is a type of bidding in which each bidder (buyer or seller) is given just one chance to bid, and where he or she does not know the amount of other bids.

From Realtors.org:

Auctions Are Often Thought of as "Fire Sales" For Properties in Distress.Is this True?

Until recently, real estate auctions, unlike art and antique auctions, have experienced unfounded negative images in the marketplace. The majority of auctions today don't result from foreclosure of distress situations, but rather are the result of a seller choosing a cost-effective, accelerate method to sell a property. Builders or financial institutions, for example, prefer auction rather than laboring for months or years to sell units of a development one by one.

Auction allows the seller to eliminate virtually all long-term carrying costs, passing the savings directly to the purchaser in the form of a reduced price. Auction is truly a win-win situation: sellers obtain immediate cash and buyers purchase properties at fair market value, the price determined by open, competitive bidding.

From Realtors.org:

Auction is truly a win-win situation for both buyers and sellers: sellers obtain immediate cash and buyers purchase properties at fair market value, the price determined by open, competitive bidding.

[…]

• Real estate is the fastest-growing segment of the auction industry, which grossed $257.2 billion in revenue last year. It’s growing exponentially because more and more people are becoming tired of a lengthy listing.

[…]

• Auction allows the seller to eliminate virtually all long-term carrying costs, passing the savings directly to the purchaser in the form of a reduced price.

© Copyright 2007 NATIONAL ASSOCIATION of REALTORS®

From Realtors.org:

    What Factors Impact the Success of an Auction?

· The seller must have realistic expectations, including a fair sales price, terms and timing

· Since a variety of auction methods are available, carefully choose the auction type that best suits the property and the seller's needs.

· A well planned, aggressive marketing/advertising campaign targeted to prospective purchasers is critical to an auction's success.

· Using a recognized real estate auction company or a REALTOR® auctioneer to ensure the auction is conducted in a professional manner and followed-up through closing.

· Preparing the property for sale so it is presented to prospects in its best condition. (i.e.., title insurance, clean-up, financing, etc...)