One of the newest trends in real estate is selling a home at auction. There are several large auction companies that have jumped into the real estate market and working with owners and real estate agents to assist them in selling a home. There are several different types of auctions like probate auctions that need the final approval of a trustee before the home can be sold. More traditional auctions will have a set reserve price that the home must meet before the home can sell. The best case scenario is finding a real estate auction that has no reserve. We have seen many properties that have had no reserve and sold well below the current market value. So if this is the case, why would a seller to choose to auction their home?
First, selling a home at auction is ideal for those hard to sell properties. Unique and unusual properties have a hard time selling due to the limited number of buyers that are willing to buy it. Many buyers are attracted to auctions and finding a good deal and will often overlook the unique qualities of a home if the price is right. Many owners who can't sell their home in the open market often decide to try the auction route to see if they can sell their home for as much money as possible. The best case scenario is to have several bidders who really want the property and bid up the property over market value. Many real estate investors are pretty savvy so this doesn't happen to often.
Long Beach for the most part does not have a lot of homes that come up for auction. Currently, there are two probate auctions taking place for a Craftsman style Bungalow home listed at $375,000. Its a cute three bedroom home that was built in 1918 and just came on the market 3 days ago. It's located just outside the downtown area and just blocks to the beach. This is a great price for a detached home this close to the water. Auctions do come up on a regular basis so please contact us and let us know the type of property you are looking for and we will notify you when an auction comes up that fits your criteria. We can also be reached at 562-355-8228.