Foreclosure Auctions | Kendratoddgroup.com

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“What Is The Deal With The Auctions?”

This is the most prevalent question we’re getting right now about purchasing foreclosure properties.

The Seattle real estate foreclosure auctions advertise: homes sold at HUGE discounts, everything must go, no bid to low, and so on. Our goal in providing this information is to give our clients a better view of the REALITY of what to expect.

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“Truths” About The Auction:

The Banks have the right to have “shills” in the audience to drive the bids up and the bidders have to sign a waiver saying it is OK
A much smaller percentage of the “Winning Bidders” actual get the homes than the auctions claim.
The contract you sign, you sign as a “Cash Buyer” limiting your rights.
They may require you to be prequalified through and/or obtain financing through a specific designated lender.
Minimum prices may or may not be stated beforehand (e.g. ‘“ bidding starts at $60,000, but really they won’t let the unit go for less than $140,000)
Seller usually reserves the right to end the auction at any time without prior notice. You might not get to bid on the property you came for in the first place!
Seller can modify or add any terms and conditions of the sale and announce these changes either prior to or at the auction.

Our Advice:

If you are thinking about buying a home at auction, its essential to work with a real estate agent who specializes in auction properties and can walk you through the fine print details. Contact Our Auction Experts.

KTG has a team of agents who specialize in foreclosure auction property who will:

- Educate you on the process
– Help you identify the properties that fit your criteria
– Protect your interests at the auction.

We also suggest attending 2-3 such auctions to get an idea of how things work and whether or not things tend to sell for prices that you think are reasonable. Our agents are happy to attend these auctions with you and guide you through the process of successfully obtain the RIGHT property for the RIGHT price at auction.