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Phoenix Real Estate Auctions: The Most Frequently Asked Questions of Buyers (Part 1 of 2)

Thursday, March 8th, 2012

This is part two in a series discussing Phoenix Real Estate Auctions. To read part one, click here.

Phoenix real estate auctions have grown in popularity.  Today, more and more people are learning about auctions and how to buy property.  Investors have long used auctions as a way to find good real estate investments.  Now, the general population is taking advantage of property auctions in greater numbers as well.

Once you find good sources for Phoenix real estate auctions, you can begin to learn how they work.  The typical areas buyers ask questions about involve these topics:

  • Buyer’s Premiums.  These are fees tacked on to the winning bid.  Your total purchase price will be the winning bid amount plus the buyer’s premium.  These fees are typical to the sales commission paid on traditional real estate transactions.

For example, a $100,000 winning bid at Phoenix real estate auctions might include a five percent buyer’s premium.  The total the buyer would pay for the property then would be $105,000.

In some Phoenix real estate auctions, a service fee is charged instead of the buyer’s premium.  It covers the same things as the buyer’s premium, but it’s not part of the total purchase price.

  • Absolute Auctions.  These auctions are especially exciting because they have no pricing restrictions. In other words, the highest bidder wins the property regardless of how small the bid may be.  It’s important to check the auction type when looking at upcoming Phoenix real estate auctions.

Some auctions may require additional approvals after the winning bid.  For example, the seller or a court may have to approve the sale at the winning bid amount.

  • Buyer Benefits.  The great thing about a property auction is you know the buyer is motivated to sell.  They’ve entered into an agreement with the auction house and therefore must sell to the highest bidder if it’s an absolute auction.  If it’s another type of auction, the seller is still obligated to sell if the winning bid is at or above the reserve price (the minimum the property can sell for).

Also, the buyer knows he or she is getting a property others want and find desirable.  With competitive bids, the fair market price can be reached.  This provides good reassurance to the winning buyer.

You can also have a real estate agent represent you at the auction to make sure your interests are protected.  If you’re unsure of the property’s value, a good buyer’s agent can help by providing market comparisons and other expertise.

After you win a bid at a property auction, the sale proceeds must like a traditional real estate transaction.  You make a deposit after winning the auction that will be applied against the purchase price.  Then, the closing will be schedule at which point you will pay the balance due and sign the required documents.

For more info on Phoenix Real Estate Auctions, contact us or visit our Phoenix Auctions page today.

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Phoenix Real Estate Auctions: The Most Frequently Asked Questions of Buyers (Part 1 of 2)

Tuesday, March 6th, 2012

Phoenix real estate auctions have grown in popularity. Today, more and more people are learning about auctions and how to buy property.  Investors have long used auctions as a way to find good real estate investments.  Now, the general population is taking advantage of property auctions in greater numbers as well.

However, some may find Phoenix real estate auctions intimidating because they may not understand the process or terminology.  With a little research and attending an auction or two to get the feel of things, you can take advantage of a unique sales channel.

Learning the Basics of Phoenix Real Estate Auctions

The following information will provide a good knowledge base for buyers interested in participating in Phoenix real estate auctions.  The first question most buyers ask involves locating property auctions.  An Internet search can give you the names of auctioneers who conduct real estate auctions.

You should visit the websites of the auctioneers in your area.  An experienced auction house will have good information on their websites for you to educate yourself.  You can also see the schedule of upcoming auctions.  You might also be able to get on a mailing list to be notified of future auctions.

Once you find good sources for Phoenix real estate auctions, you can begin to learn how they work.  The typical areas buyers ask questions about involve these topics:

  • Property Previews.  Check the websites for Phoenix real estate auctions to get all the details on the properties.  You’ll often find a wealth of information including maps, valuations, open house schedules and more.

The first order of business if you find a property you might want to bid on is to drive by it.  Check out the external condition of the house and evaluate the neighborhood.  You can save valuable time by eliminating a property that doesn’t meet your expectations.  If you are interested, you can proceed with your research.

In part two of this blog post on Phoenix Real Estate Auctions we will discuss three additional topics. Continue reading our blog or check our our Auctions Page today.

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Phoenix Auction to be Hosted by Auction Systems Auctioneers & Appraisers Inc., Featuring Confiscated & Forfeited Property

Thursday, March 1st, 2012

A Phoenix auction will be hosted by Auction Systems Auctioneers & Appraisers, Inc., featuring vehicles, jewelry, tools, city surplus, school district supplies and equipment, electronics, appliances, computers, commercial equipment, restaurant equipment, sporting goods, household items, furniture and much more on Saturday, March 17, 2012.

Items of interest for this Phoenix auction include:  a 1931 Ford Model A truck, 2006 Dodge Durango, 1968 Thunderbird, 2003 Ford Mustang, iPhone, HTC, Droid and Blackberry Phones, “Crusin’ Exotica” arcade game, 55” Samsung television, GE Front Loader washer and dryer, Chicago generator, 50” Panasonic television, Ice Skee Ball arcade game, plus much more.

“With the number of vehicles up for auction, including vintage models, this police auction will be especially exciting for participants,” said Deb Weidenhamer, CEO of Auction Systems. “These auctions provide a great market for people interested in buying trucks and cars, as well as a wide variety of other items.”

This Phoenix auction will be held on Saturday, March 17, 2012 at 9:00 a.m. at Auction Systems located at 951 W. Watkins in Phoenix, AZ.  All of the items listed in the auction may be previewed and inspected by interested bidders on Thursday, March 15, 2012 from 4:00 p.m. to 6:00 p.m., Friday, March 16, 2012 from 10:00 a.m. to 2:00 p.m., and Saturday, March 17, 2012 from 8:00 a.m. to 9:00 a.m. one hour prior to auction.

Items will also be available for preview and online bidding beginning Saturday, March 10, 2012. Interested parties can visit Auction Systems’ Phoenix Auction Schedule to preview and sign up for online bidding.

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Phoenix Auction to be Hosted by Auction Systems Auctioneers & Appraisers Inc., Featuring Confiscated & Forfeited Property

Wednesday, February 1st, 2012

A Phoenix auction, hosted by Auction Systems Auctioneers & Appraisers, Inc., will feature jewelry, tools, city surplus, school district supplies and equipment, electronics, appliances, computers, commercial equipment, restaurant equipment, sporting goods, household items, furniture and much more on Saturday, February 4, 2012.

Items of interest for this Phoenix auction include: a Sony 50″ Plasma Television, Maurice Wideman “The American Collection” figurines, group of purses including Coach, Louis Vuitton and Michael Kors, autographed Paul McCartney and George Harrison photograph, Sony PSP, Garmin GPS navigator, Marge and Maggie Simpson 73″ fiberglass statue, Giant Rincon black mountain bike, Samsung home theater sound bar, Dagger Vengeance 93″ kayak, Denmark wood hutch, Hardt Inferno 3000 gas double deck rotisserie oven, Lang double stack commercial oven, group of five Panasonic CF-29 Toughbook laptops, plus much more.

“Phoenix auctions have a well deserved reputation for providing buyers a lot of bang for the buck” on all kinds of items,” said Deb Weidenhamer, CEO of Auction Systems. “With a wide selection of unique and appealing items, this upcoming Phoenix auction is no exception.”

The auction will be held on Saturday, February 4, 2012 at 9:00 a.m. at Auction Systems located at 951 W. Watkins in Phoenix, AZ. All of the items listed in the auction may be previewed and inspected by interested bidders on Thursday, February 2, 2012 from 4:00 p.m. to 6:00 p.m., Friday, February 3, 2012 from 10:00 a.m. to 2:00 p.m., and Saturday, February 4, 2012 from 8:00 a.m. to 9:00 a.m. one hour prior to auction.

Items will also be available for preview and online bidding beginning Saturday, January 28, 2012. Interested parties can visit Auction Systems’ Phoenix auction schedule, to preview and sign up for online bidding.

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Tempe Auction: The Importance of Attracting New Buyers (Part 2 of 2)

Tuesday, January 31st, 2012

This is the final part in a two part series, you can read part one here.

Although it may not seem like a great deal for the buyer to have items go for higher prices, it actually is of benefit.  Even if you get an unbelievably priced item at an auction one time, the number of sellers may dry up to a point that fewer quality items are available at future Tempe auctions.  And, if not items of interest are being auctioned, you won’t be inclined to attend.

If the answer for keeping auctions viable for all parties is attracting more buyers, how can that be accomplished?  The first step is to focus on people who like to shop.  Just take a look at weekend events like craft and art shows.  The hordes of shoppers attending these events would be perfect targets for auctions.

Also, antique stores have become increasingly popular over recent years.  People often pay premiums for merchandise in these retail outlets.  And, they may be unaware of the huge inventory, quality and attractive pricing of antique and collectible items offered at a Tempe auction.

The majority of the population has not attended a live Tempe auction.  Therefore, most people don’t know the buying opportunities available, as well as the exciting atmosphere.  In fact, often auction attendees claim they’re hooked after attending their first auction!

Reaching potential buyers through advertising is one way to try and attract additional attendees.  Creative options, like advertising in places non-traditional auction buyers might look, can increase interest.

Another way to attract new buyers to a Tempe auction is to make it as unintimidating as possible.  Some people may find the pace of the bidding and auctioneer’s chant a little overwhelming at first.  But, making new buyers feel welcome and offering to help them learn the ropes can turn them into avid attendees.

Encouraging bidder participation in every way possible will benefit all involved.  More bidders mean more items sell near or at fair market value.  And that’s good for everyone!

To find a Tempe auction near you, contact Auction Systems today.

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Tempe Auction: The Importance of Attracting New Buyers (Part 1 of 2)

Wednesday, January 25th, 2012

To bring a fair market price for a seller, a Tempe auction must attract enough buyers to promote profitable bidding.  It’s great to have regular buyers who show up like clockwork at auction events.  But, you want to be able to also see a lot of new faces.

A Tempe auction must find the right balance of making money for the seller and auction house, but still providing attractive deals for the buyers.  Sometimes that’s a tough feat to accomplish, but a necessary one for successful results.

At a basic level, any Tempe auction must have at least two interested bidders for every item.  This minimum bidding activity will help bring the fair market price for the item being sold.  When only one bidder bids on an item, it typically sells for a price well below market.  This is wonderful for the single bidder, but not so great for the seller and auction house.

The problem with items selling too low on a regular basis is the negative effect it has on attracting and maintaining sellers.  If sellers believe they won’t get a fair price by selling their merchandise at a Tempe auction, they’ll look for another sales channel.

You can find countless stories about the super, unbelievable deals buyers have snapped up.  A car bought for $100 or a diamond ring for $50 helps promote the “dirt-cheap” mentality of auction purchases.  However, if a seller has a diamond ring that’s worth $1,000, they don’t want to take a chance that it might sell for $50!

So, the answer to this dilemma is attracting more buyers so bids for most items can be within market value. With a regular base of shoppers attending Tempe auctions, more sellers will be apt to participate.

Stay tuned for part two of this series. In the mean time, for more information about Tempe auctions, contact Auction Systems today.

 

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Police Confiscated Items: How Personal Property Gets Sold at Auction (Part 2 of 2)

Friday, January 20th, 2012

This is the final part in a two part series, you can read part one here.

Benefits to Police Departments and Auction Participants

Auctioning items frees up space in police warehouses. It also reduces costs involved in storing, tracking and maintaining property.  And, auctioning unclaimed or seized items brings in much needed revenue to a police department to help them continue fighting crime.

The inventory of police confiscated items to be auctioned can be vast and diverse.  It’s not unusual to find very valuable goods for auction.  Products can range from cars and household goods, to jewelry and art.  By far, these auctions provide one of the richest assortment of confiscated items.

In addition, police auctions are held on a regular basis.  With police confiscated items stacking up as a result of ongoing criminal activity, you can expect auctions to be held at predictable intervals.

So, it’s typically easy to plan your purchases around auctions when police confiscated items become available.  You not only can get a special item at a reduced price, but you can also re-sell any great deal for a profit.

However, the major advantage of buying police confiscated items is you’ll often find amazingly low prices.  Since profiting from selling seized items isn’t the primary motive, police departments are more willing to liquidate warehouse inventories and sell items a lot cheaper than normal.

For additional information on police confiscated items, contact Auction Systems today.

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Police Confiscated Items: How Personal Property Gets Sold at Auction (Part 1 of 2)

Tuesday, January 17th, 2012

Many people may not understand how and why an auction is conducted to sell police confiscated items.  Some may be surprised to learn the large amount and variety of property confiscated during law enforcement raids.  After seizing items, either a police department or a contracted auction service will sell the goods at auction.

Confiscated items end up in police possession in a number of ways.  Stolen goods may be recovered and unclaimed.  Local law will dictate how long a police department has to keep stolen goods they recovered while they wait for the rightful owner to claim them.  Once that period has elapsed and the item remains unclaimed, police agencies are free to auction property to the highest bidder.

Another source of police confiscated items results when criminals are arrested or suspected of unlawful behavior.  Because some acts come under the “civil asset forfeiture” provision, police departments can seize property associated with a number of offenses.  When this happens, police departments can keep the confiscated items or sell them at auction.  They often do the latter as a matter of course.

If a person commits a crime, the police department can confiscate any property used in conjunction with the crime.  Police confiscated items are most typically associated with drug crimes, but they can come from any suspected illegal activity.

Further adding to the volume of items available for auction is the way civil asset forfeiture works.  Police confiscated items can also result from the suspicion of illegal activity.  A suspect doesn’t have to be found guilty in a court of law before property can be seized.  Police officers typically have wide latitude to seize any property they suspect was used in connection with a crime.

As a result, many suspects, whether found guilty or not, don’t reclaim their police confiscated items.  In this case, police departments are free to conduct an auction and sell items to the highest bidder.

In part two of this series, we will discuss the benefits of police departments and auction participants. For more information, please contact Auction Systems today.

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City Surplus Auction: How to Take Advantage of Buying Opportunities (Part 2 of 2)

Wednesday, January 11th, 2012

This is the final part in a two part series. To read part one, click here.

What Can You Find at a City Surplus Auction?

Many people aren’t clear on what “surplus” means when referring to a government auction.  Basically, any property in possession of a government agency that they no longer need can be auctioned to clear inventory and raise funds.

Sometimes items must be auctioned because the city has left over materials from a project or they overestimated a quantity of items purchased for particular use.  Or, they’re replacing old or outdated equipment.  Whatever the reason, the city no longer needs the items and must make room in their facilities.

Attendees can expect to find almost anything of value at a city surplus auction.  Any unwanted item is sold to the highest bidder and you never know what you’ll find. These items typically include cars, trucks, office equipment, furniture, computer equipment, electronics, building materials and more.

Because municipalities have several different departments, item variety is a major attraction.  Some of the more unusual things you might find include changing room lockers, street signs, playground equipment, cleaning equipment, cafeteria equipment, among many others.

Besides providing great deals for auction participants, a city surplus auction generates proceeds that go directly back to the municipality.  By earning additional revenue, a city government can stretch its tax dollars further.  With more available funds, municipalities can support additional city projects and constituent services.

Often you won’t find a better place than an auction to find a bargain.  And, a city surplus auction can be one of the best auctions for deals.  One thing is certain at a surplus auction:  there’s usually something for everyone, even if you didn’t have anything in mind when you show up!

For more information or to find a city surplus auction in your area, contact Auction Systems today.

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City Surplus Auction: How to Take Advantage of Buying Opportunities (Part 1 of 2)

Monday, January 9th, 2012

A city surplus auction is one of the best places to save money on purchases.  You can find items for your home or business at often deeply discounted prices.  Since these auctions offer a large variety of merchandise at relatively low prices, many people take advantage of these buying opportunities.

In some cases, people attend a city surplus auction to buy cheap items and then re-sell them for a profit.  If you expect to re-sell an item, it’s important to understand what people may be interested in buying.  In other words, what’s hot!  By knowing what you can turn quickly, you can focus on getting those items at the best possible prices.

This practice can turn into a fun and rewarding business. Either way, a city surplus auction provides an exciting way to get real bargains.

How to Participate in a City Surplus Auction

A city surplus auction typically has few requirements to bid.  If you’re over 18 years of age, you can place bids on items of interest.  In general, all you need is a valid driver’s license.

However, if the auction is conducted by an auction house on behalf of the municipality, you’ll need to familiarize yourself with specific policies, procedures and requirements before bidding.  In some cases, you’ll need a credit card on file to pay for your purchases.  Make sure to check the auction service’s website for details and schedules for upcoming auctions.

In part two of this series, we will discuss what types of items you might be able to find at a city surplus auction. For more information, contact Auction Systems today.

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