Hi all!

I know it's been a while. It has been quite a hectic time this past few weeks, but I'm back on board.

I've made some adjustments with work and am now working for a company called Anderson Auctions, Inc. in Destin, Florida. I'm very excited about the move, and about learning the ins and outs of this niche in real estate.

Anderson Auctions, Inc. mostly auctions off real estate in the Panhandle of Florida. It's another option for sellers selling their homes, as well as buyers when it comes to buying their homes.

With this type of auction, as a seller, you can sell absolute, or reserve bid. Absolute means that the house WILL sell at ANY price. This type of sale usually brings in a lot of bidders because many believe they will bbe getting a good deal. There is a chance the house will sell for less than the seller is hoping, but there is also a good chance a seller will get more than expected.

With a reserve auction, the seller determines the minimum price they will accept. If the bidding does not reach that point, you can decide if it's still "close enough" to sell, or not sell at all.

For the buyer at one of these auctions, you do have 30 days before you have to close on the property. This type of auction property usually holds open houses prior to auction, and you are able to view the inside as well (unless an auction on the courthouse steps).

When you buy a house at one of these auctions, you buy it with NO contingencies--this means you need to either have cash, or already have been working with your lender and become pre-approved (not pre-qualified) for the loan prior to bidding on ANY property. If you cannot obtain financing on a house you've won the bid for, you could be in for a lawsuit, so get pre-approved first.

With an auction sale, it's "as-is" and what you see is what you get. If you're concerned about any issues with the home, and plan on bidding, then it's best to get an inspection prior to the auction.

You can also put a bid/offer in on a property before the auction actually happens. This will be like a regular sale and purchase offer. If you buy the property before it goes to auction, then the auction doesn't happen. If the seller doesn't like your offer, then he'll reject it, and you will have the option of going to auction to bid on it.

As a seller, you will have to pay a marketing fee up front in order to sell your property. The cost depends on your property, the price, and the marketing plan.

When you win a bid on one of these auction properties, you, as the buyer, pay a 10% buyer's premium. This basically pays your closing costs.

When a property is auctioned, it usually happens relatively quickly--within 30-60 days. In a market where property isn't selling quickly and there is a large inventory, this is a good option for a seller that hasn't had any activity on their listing in months, or someone that just doesn't want to deal with going through the traditional listing process.

As I learn more about the auction process, I will pass on that information to keep you informed. And as always, I will continue to talk about different aspects of real estate. Feel free to ask questions as well. I will be glad to discuss them here.

Until next week!