Real Estate Auction

I've already heard about Real Estate Auctions but had never been to one. That all changed on Tuesday!! One of my co-workers got asked to help write-up and read over contracts at a REDC Real Estate Auction that was going to be in Kansas City. They needed additional Realtors so I signed up. Not only was it a great experience, they paid us! :)

There were about 40+ homes that were being auctioned off mostly in the Kansas City area. REDC is a national company that travels from city to city auctioning off bank owned properties (mainly Fannie Mae). I'd like sometime to sit in the main room and see the properties and the actual auction process. I did get to take a quick peak at the begining while we were waiting for buyers to come into the back and sign contracts. Since there were about 10 of us and a little more than half of the properties sold, I only ended up writing up two contracts. REDC had this process completely streamlined and we did not even get the buyer until their financing (or bank statement since many of these were cash only) was approved. Once the buyers got to our tables, we filled out the contract and had them sign/inital where needed. There was no going over the contract - it was available online ahead of time - which definitely sped up the contract writing process a lot.

It was crazy how cheap some of these homes were being auctioned for! Many of the properties had been previously listed and the bank had refused higher offers! Of course all contracts we wrote as still subject to bank approval but the first buyer I helped may have saved an additional $10,000 from his highest dollar he would have offered the bank previously!

It was a great experience and I'm glad I got to be a part of it. I would definitely help out again (but bring things to do and have a fully charged cell phone since there was a lot of down time!) and hope to maybe help a client purchase cheap property to rehab!!