And the Property Goes To…

According to CNNMoney.com Boom in real estate auctions – May. 25, 2010 more and more homes are being sold by way of auction. Just in the first quarter of 2010 auction sales have spiked 14%. They also reported that the Real Estate Disposition Corp. has already had 195 auctions this year. If that pace is left unchanged it would result in more than a 50% increase compared to the 340 sales in 2009. In short sales, agents often must persuade the investors to slash prices to compete with the market. In addition, buyers frequently renegotiate or back out of deals causing homes to sit on the market for months and months. Due to these types of delays, eventually the investors see auction as a more viable option. The best way to try and avoid this slump is to price short sales close to market value and screen potential buyers carefully.

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