photo credit: TheTruthAbout…
The real estate auction company, Hudson & Marshall, is in town this weekend, for an auction of foreclosed properties to be held at the JW Marriot at Desert Ridge.
We had a 2 bedroom single family home listed that the bank entered into the auction about 2 weeks ago. Several pre-auction offers came in, so that property in Surprise has been pulled from the auction. However, there are still quite a few other properties available.
You may want to know a few of the helpful home buyer tips that the auction company provided to me:
- Anyone can attend the auction, it’s free and open to the public.
- The auction moves fast and the bidding process on 20 properties typically take less than 40 minutes.
- Hudson and Marshall does not have an opening bid, although I’m under the impression that there is a reserve on some properties.
- You should definitely pre-inspect the home(s) you may are interested in prior to the auction.
- You can bring your real estate agent with you to the auction.
- Arrive early to register for the auction. Bring your photo ID and $2500, in the form of a cashier’s check or cash, if you are going to bid.
- The $2500 earnest deposit is required upon winning the bidding for a property.
- Homes are sold with a “clean title”, free and clear of back taxes and liens. Seller pays for title insurance.
- Property is sold in “AS IS” condition.
- Closings typically take place within 30-45 days.
Auction starts at 1 pm, both today and tomorrow, May 16/17.
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