Re: Flipping properties… - Posted by Charles Parrish
Posted by Charles Parrish on May 29, 2006 at 07:30:23:
Lost in space is not a good place to be. The “Auction Method of Marketing” is another way of selling real estate. In the U.S. this year, according to the National Auctioneer Association, $50 Billion in real estate will be sold.
What methods do you have available to you to sell now?
- Sell the real estate yourself (FSBO)
- Have an agent sell it for you (Private treaty)
Both of these methods are unpredictable. They are laced with road blocks; approvals for financing, appraisals, underwriters, inspections for lead paint, asbestos, radon, basement & roof.
Buyers need to be approved for the loan and the property needs to be acceptable. When an offer does come in, it is full of contingencies.
The selling public does not want to wait to sell; they want to move on with their lives and do not want that move contingent on selling real estate.
The auction method of marketing is predictable, it is fast, no seller?s commission or settlement costs, properties are sold in as is condition, no contingencies, no needed appraisals and fast settlement.
Some basic clauses needed are; subject to third party assignment, right to market the property, right of possession, delayed settlement, extensions and assignment. Yes, if the deal doses not close as expected, if you contract is written well will absolve you, allow you to ? w a l k !
Baltimore Real Estate Auctioneer