NEARC hosts huge auction in Phoenix on March

[jans21]

Hey guys,

I heard that the National Real Estate Auction Corp. will host a massive real estate auction in downtown Phoenix next month — offering everything from starter homes to multimillion-dollar estates. This is according to East Valley Tribune.

Although auctions can be a good tool, buyers and sellers need to do their homework, said Brad Wood, an agent with Realty Executives in Scottsdale.

“It’s all about pricing,” Wood said. “Just because you’re buying from an auction doesn’t necessarily mean you’re getting a good deal.”

I totally agree to this. I mean, even when buying property overseas you need to take your time, listen to different people, and do your homework.

But it’s interesting that competition drives a lot of real estate agents to the heights of creativity — in this case, auctions, which are a bit unconventional. Or are they?

jans

[Phoenix]

Hi Jans,

Auctions are nothing new. But, they seem to be gaining more attention since the market slowed a bit.

I think this is the article you're referring to:
Home sellers try unusual method with auctions, from the East Valley Tribune, reports that With the housing market lagging and homes taking months to sell, a Scottsdale-based company is betting homeowners will be eager to try a more unconventional route to successful sales - the auction. National Real Estate Auction Corp. will host a massive real estate auction in downtown Phoenix next month, offering everything from starter homes to multimillion-dollar estates. Home auctions have been around for decades but have gained popularity as an alternative tool for selling in a slow market where competition is tough. Valleywide, there are more than 45,000 properties on the market - at least 10,000 above the norm. Auction signs attract attention, said John McCann, one of the company's founders. "It creates a lot of buzz and excitement about the property," he said. McCann hopes to have more than 100 homes at the Valley auction, which will take place March 24 at the Phoenix Convention Center. So far, the company has 27 properties listed with prices ranging from the $100,000s to more than $3 million. It's also in talks with 30 homeowners and three builders. If the first auction is successful, the company will likely continue holding auctions every 60 days or 90 days, Riley said.


http://www.eastvalleytribune.com/story/84670

Do you live here in the Valley of the Sun (central Arizona)?

[jans21]

No Matt, I don't live in Arizona.
But it seems to me the benefits of auctions far outweigh the disadvantages, don't they?

I've got a relevant link to post concerning this, but ok, i've got 18 posts ahead of me for my link to see the light of day here so i'll just let it go.

jans

[Phoenix]

You can always type it in, even if it's not live. If it's relevant someone (IE me) will most likely repost it "live" or people can always copy and paste.

[jans21]

Thanks, i'll do that sometime.