Question : Real Estate Auctions?
What would be the benefit of auctioning your home?
There is a home in my area being auctioned (they say it is not a distress sale). I do not understand why they would do this route? Any insight? The opening bid is 100K and tax value is 175K. I live in an area where the market is still pretty healthy (greater Charlotte NC area). I am curious as to why people do this!
Also, any forsight on how high auctions go? Do they usually sell for about the properties value, less or more? It is a beautiful home but I can only afford about 130K (and I am sure it will sell for more, but I can dream, right?)
charlotte area homes for sale

Best answer:

Answer by kate
There is NO usual as to how auctions are going now because of the mortgage crisis .
Some go for full value , some go for 1/2 and some go back to the lender because the bids don’t meet the lenders reserve requirements .

The ONLY way for you to know is to start attending the ones in your area .

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