Last week we attended a major bank auction in SW Florida. Over 100 homes were auctioned off. One investor in attendance said that of the over 100 properties, only 6 were absolute and the rest were subject to investor approval, which if true means most of these will come back on the market
Most of the properties didn’t fetch a very high price, so they may very well not be acceptable to the end investor. We will attemot to verify this with the bank. The buyer has to wait up to 15 days to see if the investor on the loan takes the offer from the auction.
The Ellis Team at RE/MAX Realty Group lists a lot of the properties for this bank, so we may end up listing a good percentage of these listings that do come back on the market. We did notice a few properties where the buyer overpaid for the home. These buyers were probably inexperienced and didn’t bring a broker with them to the auction to advise them they could have bought similiar properties in the same neighborhood for less money. However, most properties went so far under value that most of the investors may not accept the offers, so many of these winning bidders will be disappointed.
Since the auction the bank has told many buyers and agents to contact us to be first on the list when we get thee properties in. We get orders for the properties before they go in MLS. We are identified as the listing agents, but it takes the bank a few weeks to tell us what the price is and authorize us to place it in MLS. If you’d like to be on the list, give our office a call. We plan to setup a group list whereby we can notify everyone at once when we get these listings. They tend to be some very good buys. For instance, we just listed a newer home in Lehigh Acres for $75,900. It is an excellent buy.