October 29th, 2008
UTAH REAL ESTATE AUCTIONS conducted a real estate auction on 57 properties on Tuesday, October 28th, 2008
Over 300 buyers attended the three hour event. Buyers bid on a broad range of houses and lots which proved that there are buyers wanting to buy in this market. The auction had something for everyone.
Fully improved building lots went for $30,000 to $100,000, while homes of all types fetched prices from $150,000 to $900,000.
The auctioneer and staff felt pleased with the turnout and the results of the auction.
Lot prices where a bit on the low side, which was expected due to the large supply of lots available.
The next Auction is scheduled for November 25th.
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October 23rd, 2008
In today’s real estate market we seem to be hearing a lot about real estate auctions. In general, people have a lot of questions including, how auctions work?, Can I get a better deal by buying at Auction ? Who are the sellers? How Long Does the Buyer have to close? Are the titles to the properties free of liens & encumbrances, and a host of other questions.
It should be understood there are typically two types of real estate auctions. First, there are Bank Forced Auctions where the property has gone into foreclosure and it is then sold on the court house steps. This auction is used by Lenders to legally take back the property from its owner, once in default; usually these properties are purchased by the banks or mortgage companies.
The second type of auction is a Self Directed Auction, which is the type that Utah Real Estate Auctions conducts. This is used by sellers and banks as an alternative marketing method to generate activity on a specific property. This auction is usually a win/win situation for both the Seller and the Buyers.
Sellers use this auction to accomplish two things. First, it is used to establish the fair market value to establish the fair market value of the property which the public is ready, willing and able to pay in today’s current market. Second, it is used to sell the property quickly without a lot of contingences, which eliminates holding costs and expenses.
Buyers generally participate in Real Estate Auctions with two goals in mind. They want to purchase a property, either as an investor or as end user wanting or needing to buy a property. The other reason Buyers typically participate is to take advantage of the current market conditions by being able to buy a property at a significantly reduced price.
No matter what the reason is for participating at a Self Directed Auction, buyers and sellers are in total control of the direction they choose to take while at the auction. Buyers bid what they wish and sellers accept what they can. The auction company’s responsibility is to bring the two parties together, and through the auction process, close the sale. Utah Real Estate Auction is committed to bringing that balance where buyers get a better price and sellers get a quick sale, at a discounted sale price and move on to new endeavors.
Utah Real Estate Auctions is a locally owned auction company with a purpose to bring buyers and sellers together in a market unlike any other. Utah Real Estate Auction earns their commissions only if the property sells; Therefore, it is in their best interest to only take properties with sellers that have realistic expectations. The properties for sale at auctions are generally bank owned, or in foreclosure, in lieu of foreclosure, or if they have highly motivated sellers. Properties are sold to the highest bidder subject to bank or owner confirmation. Utah Real Estate Auctions also takes the time to negotiate with sellers and banks, prior to the auction, to increase the productivity of their auctions.
If you have any additional questions or would like to register to bid on a property, visit www.utrealestateauctions.com. or call them directly at 801-922-9700
Published by The Daily Herald on October 17, 2008
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September 1st, 2008
The nation’s top 100 for the highest number of foreclosure filings. St George ranked 17th in the report, the Provo/Orem area ranked 39th.
“The expectation is that within the next 12 months, the national foreclosure rate will increase to over 3 percent.”
A foreclosure rate of 3 percent would put about 13,000 homes in Utah in foreclosure, nearly double the previous high of 6,800 homes in 2002.
These trends increase the need for sellers and lenders to find an alternative marketing method of selling real estate. Real Estate Auctions allow sellers a way to quickly expose in a unique, high visible way their properties to an increased number of qualified buyers. According to Auctioneer/ Broker Kevin R. Gallagher, UREA
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August 18th, 2008
Residential real estate has become the fastest-growing segment of the auction industry in the past five years, according to a report by the National Auctioneers Association in August 2008. The market segment has jumped 46.6 percent since 2003 – ranking in $16.9 billion in sales last year.
Builder auctions are gaining in popularity nationwide, as the housing market continues to lag, association spokesman Chris Longly said.
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July 10th, 2008
The number of Utah homeowners who received a foreclosure filing in June jumped nearly 141 percent, compared with the same month last year, according to a report released Wednesday.
The most dramatic increase came from Utah County, where the Provo/ Orem area ranked 37th among metro areas nationwide in the rate of foreclosures.
Overall, Utah ranked 10th among the states in the rate of foreclosure filing.
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