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Real Estate Auctions

Module 2A – Types of Auctions. Real Estate Auctions. Main Types of Real Estate Auctions. Mortgage/Foreclosure Auctions Lis Pendens or NODs filed in Legal Paper Tax Delinquent Property Auctions Delinquent Property list from Collector of Revenue Private Auctions HudsonandMarshall.com

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Real Estate Auctions

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  1. Module 2A – Types of Auctions Real Estate Auctions

  2. Main Types of Real Estate Auctions • Mortgage/Foreclosure Auctions • Lis Pendens or NODs filed in Legal Paper • Tax Delinquent Property Auctions • Delinquent Property list from Collector of Revenue • Private Auctions • HudsonandMarshall.com • WilliamsAuction.com

  3. Main Terms of Real Estate Auctions • A Minimum Bid is the lowest bid (decided by the seller prior to auction) the auctioneer will accept for a property. Once that bid is reached, the property will sell to the highest bidder. • A Published Reserve is the lowest amount that the seller must sell a property at auction, but the bidding can start wherever the bidders choose. If the Published Reserve bid is not reached, then the seller can accept, reject or counter the highest bid. • An Absolute Auction is where the highest bidder acquires the property, regardless of the amount. There is no reserve price below where it will not be sold. These type of auctions tend to attract the highest amount of interest.

  4. Types of Foreclosures • JudicialNon-Judicial • Long time in Preforeclosure vs Short Time • www.foreclosurelaw.org • 3 Ways to Buy Foreclosures: • At the Auction • After the Auction (REO) • Before the Auction (Preforeclosures)

  5. Tax Delinquent Properties • Two types of tax sale homes: • Tax Lien Sale Homes - when the liens are auctioned off to the highest bidder. The highest bidder now has the right to collect the liens, plus interest, from the homeowner. If the homeowner can’t pay the liens, the new lien owner can foreclose on the property. • Tax Deed Sale Homes - In a tax deed sale, a property with unpaid taxes is sold in its entirety, at auction

  6. Private Auctions • These are conducted by private real estate auction • companies, who represent: • Financial institutions • Fortune 500 corporations • Government agencies (U.S. Marshalls) • Individual sellers

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