Today, in three months and 3rd quarter of next year.
Once again the news is bad so when will it change? I believe the down stock market will begin to change in 60 days. It will take that long for all the Fed bail outs to start to take effect. Until then it should stay pretty flat. But don't expect the bounce back to be a rocket.
The real estate market will finally will bottom in 3rd quarter of next year. It was pretty much like that in the mid to late 1980's. Then the return will be slow for a few years. In 2004 I predicted the melt down of the real estate market so hang in there will get better.
Now if I can only pick the lotto numbers for this week.
Bob Calistri, Broker
Real estate Auctions, llc.
Florida Real Estate Auction Rules
Unlike some states the State of Florida requires all auctions of real estate to be overseen by a Licensed Real Estate Broker. The reason for this is the regulators felt that a real estate professional is the only person who has the knowledge of the real estate market. Therefore, many auctioneers who are not real estate brokers must employee a licensed real estate broker to introduce the property prior to the auction. I have attached to this email the regulation which shows this information.
The 2006 Florida Statutes |
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Bob Calistri, Broker
Real Estate Auctions, llc
Auction by sealed bid. All bids must be received by October 25, 2008. 1307 Gulf Way, St Pete Beach, Florida 33706 This beach front property that is just steps to the beautiful gulf and is now the best buy on the beach with a recent appraisal of 5.5 million in Feb 2008. The property is being "sold-as". Many possibilities exist with this multi-use property. Up to 20 units can be built on this property or a single family home with approval of the city. There are currently 14 units with potential to add more. This property is located in beautiful Pass-A-Grille just north of the Hurricane Restaurant . Now you can your own piece of paradise. There is a oversized pool 22 x 40 wide with a 6 x 10 spa. The Hotel is 7000 A/C Space and the lot is 125X 135.
Make an offer now and if accepted the auction stops and it's yours.
Bob Calistri, Broker
Real Estate Auctions, LLC Florida
AUCTION DATE SATURDAY, JAN. 31, 2009 AT 12 NOON. THE PRICE LISTED IS THE STARTING BID AND THERE IS A RESERVE. This income producing property is located in Clearwater with easy access to Beaches, and downtown. The triplex is on an oversized corner lot 102x120. There are Two units in the front building each having 2 bedrooms and 1 bath. The rear house has 2 bedrooms and 2 baths. All units are occupied. The property can be used as an office location.AUCTION DATE SATURDAY, JAN. 31, 2009 AT 12 NOON. THE PRICE LISTED IS THE STARTING BID AND THERE IS A RESERVE.
THE PRICE LISTED IS THE STARTING BID AND THERE IS A RESERVE. A 10% buyers premium will be added to the last and highest bid to create the purchase price. Property is being sold as is, where is and with no contingencies. All commissions are paid from the buyer's premium.
Bob Calistri, Broker
Real Estate Auctions, llc
Here's how our auction process works. All properties sold at auction are sold "as is, where is" with no contingencies and the closing usually occurs within 30 days of the auction.
The first thing is to determine if the property is a good candidate for the auction process ( There is more info on our web site as to what makes a good candidate www.realestateauctionsllc.com). We do this by looking at comparables sales over the past two months and the tax records. The process is used to advise the seller of a reserve price which has the highest probability of selling their property.
Next, we select an auction method. An absolute auction does not set a minimum or reserve amount, allowing the property to be sold at the highest bid no matter the amount. This could be above or below the price owners hoped to receive. A reserve auction sets a minimum the seller wants and allows owners to accept or reject the final bid should it fall below the seller's expectation. These auctions start at a minimum amount, which may or may not be disclosed to the public before the auction day. The reserve auction is the method we usually advise.
In all cases the buyer pays a 10% buyers premium on the sale in a real estate auction. If you are the Realtor for the seller, you would get 30% percent of the buyer's premium. For instance, on a $100,000 property auction, the buyer's premium would be $10,000 making the total price the buyer pays $110,000. This means you would receive $3,000 and if a buyer comes with a Realtor, that Realtor also receives 30% percent of the buyer's premium. The seller pays no commission. The seller does pay in advance for the advertising which includes major local newspapers, and anything used specify for their property sale. We usually run advertising in local newspapers for 28 days prior to the auction and send fliers out to all who call looking for information. We do all the advertisement placement and scheduling for the local newspapers. The auction property is placed on our web site. We also send out emails to realtors and individuals who have ask to be placed on our mailing list, at no charge.
At the time that you and the seller decide to auction the property, the property is transferred to us for the period of the auction (about 45 days). We list the property as a single agent only for the period of the auction. During the period prior to the auction date we sometimes get buyers who decide to make an offer on the property. The seller can accept or reject the offer and if accepted the buyer pays the buyer's premium.
When the property goes to auction and the auction concludes with a bid offer. The seller has the option to accept or reject the bid offer if a reserve auction was used. If the homeowner accepts the bid, both sides enter a no-contingency contract to close within 30 days.
I hope this helps, call me with any questions.
Sincerely,
Bob Calistri, Broker
Real Estate Auctions, llc
727-643-5007
bob@realestateauctionsllc.com
www.realestateauctionsllc.com
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Real Estate Auctions create excitement and a deadline for the sale. We will sell your property with, no contingencies, no commissions, no fees, as is, on the day you pick, for your price. 888-643-5007
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