NAR Library & Archives has already done the research for you. References (formerly Field Guides) offer links to articles, eBooks, websites, statistics, and more to provide a comprehensive overview of perspectives. EBSCO articles (E) are available only to NAR members and require the member's nar.realtor login.
Buying a Foreclosure Home at Auction: The Basics (Auction.com, May 8, 2023)
A brief overview of how to purchase a home at auction, including the steps for participating in an in-person and an online auction.
Buying Real Estate at an Online Auction (The Balance, Apr. 24, 2021)
“Most house hunters don't initially set out to bid on a home through an online auction. They may be conducting online research or attending virtual viewings, but just as these online activities have become more mainstream in the real estate industry, online auctions have become more common as well…[This article discusses] some reasons a house might be sold at auction, the breakdown of the auction itself, and what you'll need to know in order to participate.”
Auctions (National Association of REALTORS®)
This resource from NAR includes the basics and benefits of auctions, types of auctions, properties suited for auction, factors affecting auctions, how to get involved, auction opportunities, how to find an auctioneer, and courses available to members to increase their knowledge and practical experience with auctions.
Auction FAQs (National Auctioneers Association)
The National Auctioneers Association (NAA) has put together a Consumer FAQs page that answers questions like “What should I know before I bid?,” “What is the auctioneer saying?,” and “Can I inspect the property I’m interested in bidding on before the auction?” These questions would be helpful for clients to look through before participating in a real estate auction of any kind.
The Auction Market
Why Brokerages and Proptech Firms are Embracing the Auction Model (Real Trends, May 17, 2023)
“When Opendoor launched its Opendoor Exclusives platform, the iBuyer likened it to a hybrid of Zillow and Amazon, with buyers selecting a home for sale on the platform and completing the deal digitally, the ultimate in streamlined home buying. Opendoor is among a growing number of real estate firms embracing the marketplace model, putting emphasis on open auctions and transparency in real estate transactions.” The founders of Decentre Property Exchange (DPX), another auction model listing marketplace, say that DPX “includes agents in the transactions and the firm prides itself on never having done a transaction without agents on both sides of the deal.”
How Auction Buyer Data Foreshadows Housing Market Shifts (HousingWire, Jul. 21, 2022)
“Retail housing market data from June showing early signs of a real estate slowdown was foreshadowed three months earlier in buyer behavior at foreclosure auctions… The downshift in buyer behavior at the foreclosure auction came two months before the downshift showed up in retail housing market data. That’s because buyers at foreclosure auction are on the frontlines of the local housing markets where they operate, often the first to identify and react to coming market changes. Behavioral buyer data from the foreclosure auction, therefore, acts as an early warning system for imminent market shifts.”
Auctions See Higher Owner-Occupancy Rates for Foreclosed Homes (HousingWire, Jul. 14, 2022)
“The Federal Housing Administration’s recently announced first look program for foreclosed property auctions is a welcome innovation that should help boost a trend that has been developing over the past decade: more foreclosed homes getting into the hands of owner-occupants and fewer getting into the portfolios of large-scale single family rental operators, often backed by Wall Street.”
Co-Star Group Closes Acquisition of Ten-X Commerical, the Leading Digital Auction Platform for Commerical Real Estate
, Jun. 24, 2020) E
A discussion of the acquisition of the “leading platform for conduction commercial real estate online auctions” by CoStar “the leading providor of commercial real estate information.” As the US economy recovers from the pandemic, this acquisition will help creditors to sell foreclosed properties in the commercial property business.
Auction Resources & Education
Government Auctions and Sales
Search for a variety of government surplus and seized property—including real estate. This includes auctions of real estate through the US General Services Administration, US Treasury, and US Marshals Service Seized Assets. In addition, there is information about obtaining property by auctions through Fannie Mae, FDIC, USDA, HUD, and the VA.
National Auctioneers Association
The National Auctioneers Association (NAA) “is the world’s largest professional association dedicated to auction professionals…The association is dedicated to providing its members with educational programming and resources to help them advance themselves and, in turn, the industry. Members of the NAA abide by a strict Code of Ethics and are connected with an extensive network of auction professionals…NAA serves auction entrepreneurs with services provided based on four cornerstones: promotions, advocacy, education, and community.”
eBooks & Other Resources
The following eBooks and digital audiobooks are available to NAR members:
Auctions (Kindle, eBook)
The All-New Real Estate Foreclosure, Short-Selling, Underwater, Property Auction, Postive Cash Flow Book (Audiobook, eBook)
Buying and Selling Property at Auction (eBook)
Buying Bargains at Property Auctions (eBook)
Future Shop: How the New Auction Culture Will Revolutionize the Way We Buy, Sell, and Get the Things We Really Want (Audiobook)
The Pre-Foreclosure Property Investor’s Kit: How to Make Money Buying Distressed Real Estate – Before the Public Auction (eBook)
Books, Videos, Research Reports & More
As a member benefit, the following resources and more are available for loan through the NAR Library. Items will be mailed directly to you or made available for pickup at the REALTOR® Building in Chicago.
Besner Auction and Realty Policy and Procedure Manual (Acme, MI: Besner Auction, 2004) HF 5438 B46
The All-New Real Estate Foreclosure, Short-selling, Underwater, Property Auction, Positive Cash Flow Book (Wiley, 2009) HD1382.5 .H69
The Pre-Foreclosure Property Investor’s Kit: How to Make Money Buying Distressed Real Estate – Before the Public Auction (Hoboken, NJ, Wiley, 2005) HG 4521 L96
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