Real estate auctions often experience 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.
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. The result is a win-win situation: sellers obtain immediate cash and buyers purchase properties at fair market value, the price determined by open, competitive bidding.
We've 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 a password.
Going Once, Going Twice…Sold! (Aspen Daily News, Aug. 5, 2019)
What Your Lawyer Wishes You Knew About Real Estate Auctions (Boston Agent, Aug. 5, 2019)
The Changing Role of Auctions in Real Estate Sales (Boston Agent, Aug. 1, 2019)
Buying Foreclosures at Auction: The Basics (Auction.com, Jul. 29, 2019)
Foreclosure Basics: Three Types of Foreclosures (The Balance, Jun. 25, 2019)
Should you Buy a House at Auction? (Investopedia, Jun. 4, 2019)
Buying Real Estate at an Online Auction (The Balance, Jan. 28, 2019)
Types of Auctions (National Association of REALTORS®)
Auction Glossary (National Association of REALTORS®)
The Auction Market
Auctions Tick Up for Luxury Homes and Acreage (The Business Journal, Aug. 12, 2019)
Transparent Real Estate Auctions Are Catching On (Globe Newswire, Jul. 26, 2019)
More Texas Ranch Owners See Benefits of Selling Land by Auction and by the Piece (PR Newswire, Jul. 23, 2019)
A Real Estate Auction with a Checkered Background (27 East, May 7, 2019)
Sotheby’s Brings its Business Under One Roof (REALTOR® Magazine, Mar. 6, 2019)
More Ultra Luxury Real Estate Hits the Auction Block (REALTOR® Magazine, Nov. 15, 2018)
Auction Resources & Education
Real Estate Auction (National Association of REALTORS®)
Federal Real Estate Auctions (U.S. Government Services Administration)
On the Govsales.gov website, search for a variety of government surplus and seized property—including real estate. In the left navigation bar, mouse over Real Estate and make a selection, such as houses, buildings and land, farms, or international real estate.
Auctioneer State Licensing Boards (Alabama State Board of Auctioneers)
Seized Real Property Public Auctions: General Terms of Sale (U.S. Dept. of the Treasury)
eBooks & Other Resources
The following eBooks and digital audiobooks are available to NAR members:
The All-New Real Estate Foreclosure, Short-Selling, Underwater, Property Auction, Postive Cash Flow Book (Kindle, Audiobook, eBook)
Buying and Selling Property at Auction (Kindle, Audiobook, eBook)
Buying Bargains at Property Auctions (Kindle, Audiobook, eBook)
Books, Videos, Research Reports & More
The resources below are available for loan through Member Support. Up to three hard copy books, tapes, CDs and/or DVDs can be borrowed for 30 days from the Library for a nominal fee of $10. Call Member Support at 800-874-6500 for assistance.
Besner Auction and Realty Policy and Procedure Manual (Acme, MI: Besner Auction, 2004) HF 5438 B46
Buying Bargains at Property Auctions 2010, Howard Gooddie
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