Portland Homes On The Auction Block This Sunday
Nation’s Top Auction Marketer Coming To Town
REDC is holding it’s biggest auction in Portland to date! In 2008 alone, REDC has sold more than $5 billion of real estate assets, including a staggering $3.4 billion. These guys are no small fish. They typically don’t show up unless there is a decent amount of inventory to be had. The auction will be held at the Sheraton Portland Airport Hotel on Sunday, April 5th – starting at 9:30 AM.
More Than 50 Properties On the Auction Block
Auction inventory includes a wide range of properties from beach homes in Tillamook County to condominiums in the Pearl District and custom homes in upscale neighborhoods. With starting bids as low as $5,000, this event is expected to attract a substantial volume of buyers. Here’s a sampling of what’s going down on Sunday (click on image for details):
Bidding And Buying – Understand The Rules!
There’s more to the bidding process than just showing up and raising your paddle. Each auction has its own set of rules and complications. Understanding the property as well as the game, is key to securing a good deal. Here are some of the technicalities pertaining to REDC auctions:
- Although bidding prices are often several hundred thousand dollars below market value, don’t expect to walk away with your dream home at a 50% discount. All properties have a reserve price i.e. the seller has established an unpublished, minimum selling price, which will be significantly higher than the starting bid. In order to become a winning bidder for the property, a winner must meet or exceed the reserve price. If no bidders meet the reserve price, the seller is under no obligation to sell the property. Even if that price is met, acceptance of the bid may be subject to seller confirmation.
- The total purchase price will include a buyer’s premium equal to 5% of the winning bid amount i.e. if your winning bid is $250,000, it’ll take another $12,500 to seal the deal. That’s in addition to any “regular” closing costs.
- Property due diligence must be completed prior to the auction. Each property is scheduled to have at least three open houses.
- Winning bidders are subject to the purchase agreement set forth by the seller/auctioneer. The purchase agreement contains the exact terms and conditions for the sale of each property. The winning bidder must agree to be bound by all terms, provisions and conditions of the purchase agreement – no contingencies, no changes etc.
- An earnest money deposit of 5% of the total purchase price will be required from each winning bidder. The earnest money deposit shall be no less than $2500 – cash or cashier’s check only!
The auction is free, but registration is required. Financing is available. Need some help? Talk to me. There’s no additional charge to buyers that are represented. See you there.
