Click Here

REALTORŪ Magazine Online: The real estate professional's business support tool.

OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

Daily Real Estate News  |  May 25, 2010  |   Auctioneers Pick Up Business in Tough Market
The number of real estate auctions in 2010 has risen 14 percent so far, according to the National Auctioneers Association.

Robert Friedman, chairman of Real Estate Disposition Corp., said his company is on track to auction off 520 homes this year, twice as many as it did last year. The driver is bank repossessions. "We are almost entirely REO at this point," he said.

Developers and lenders selling off whole developments that are incomplete at fire-sale prices is another contributor.

But individuals who have watched their properties languish for months on the market are increasingly their customers as well, auctioneers say. There are no contingencies in the auction world – the high bidder gets the property and must live with his regrets. Sales are quick and clean. "People appreciate the purity," says George Graham, CEO of Concierge Auctions.

Source: CNNMoney.com, Les Christie (05/25/2010)

Browse all of today's news
E-mail this page to a friend
Give us feedback

Search news
Launch my search
 
Subscribe to news
Subscribe to News
Daily and weekly real estate news, trends, NAR press releases, convention coverage, plus exclusive features and columns.

RSS Feed
Get the Daily Real Estate News delivered straight to your desktop or news aggregator. (New to RSS? Learn the basics here.)
 
 
SHARE YOUR INSIGHTS
How did you sell it?
Tell us how you overcame hurdles to sell a challenging or very unique listing!