The trending buzzword
While many agents have been mastering the auction scene for decades, the media is increasingly using “auction” as a buzzword for stories about real estate, making it essential for real estate professionals of all walks should begin educating the consumer on what auctions entail.
In an effort to do so, we present this video to you and encourage you to embed it in your own real estate blog and tell readers if it is accurate or inaccurate and if they really should wear a top hat to a foreclosure auction, if they should bring money to the table, or otherwise. If I were a Realtor, I’d dissect each point and validate or invalidate it.
Do you think this is a good educational video for consumers or is it inaccurate? Let us know in comments what your thoughts are.
Lani is the COO and News Director at The American Genius, has co-authored a book, co-founded BASHH, Austin Digital Jobs, Remote Digital Jobs, and is a seasoned business writer and editorialist with a penchant for the irreverent.
Stephanie Crawford
December 30, 2009 at 1:29 am
Nice, but the foreclosure tax credit information is out-dated.
Susie Blackmon
December 30, 2009 at 7:55 am
I’m using the video on a post today. THANK YOU. 😉
Blair Abshire- Utah Real Estate
December 30, 2009 at 11:35 am
Thanks! I might be using this video in some of my blogs later. You’ve got great blog here.
Pam Buda
December 30, 2009 at 12:53 pm
Hi Lani–thanks for the link–I’ll use it also and link to a post I wrote in October 2007 when I attended an auction in San Mateo of 500 homes.
winecountryandhorses.com/blog/2007/10/07/homes-on-the-auction-block/
That was way back in time when the foreclosure dam was just starting to break. Worth re-visiting, and the distinction between bank auctions and the sheriff’s auctions is well worth making!
Happy New Year from Sonoma County, CA!
Vicki Lloyd
December 30, 2009 at 1:19 pm
It’s not very accurate from what I’ve seen in California. Private “after foreclosure” auctions are very hyped, and the 5% buyer’s premium often makes the property over-priced. The getting dressed-up to intimidate other bidders is also pretty silly advice.
I’m going to attend a trustee sale “on the courthouse steps” next week, with a cash buyer client of mine. I really expect the specific property that she is interested in to be cancelled or postponed, but it will be interesting to see how many properties do actually get sold or taken back by the lenders.
In the last 6 months, less than 10% of the scheduled foreclosure sales have actually been completed without being delayed 5 or 6 times first. I’ll film it and blog about it afterwards.
Benn Rosales
December 30, 2009 at 1:23 pm
The hopes with this type of blog fodder is for you to either A) tear it apart for your audience and give them the juicy truth about the subject matter, or B) crowd source with your own audience your very own strategies that include you in the process.
We’re aware they’re not perfect, they’re not made by local pros who know the market, but the interesting thing is, they’re also not being made by local pros that know the market.
Wouldn’t it be darn cool if we featured one of your videos? Think about it…