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buy generic cytotec online no prescription quick deliveryOnline real property auctions and the court house steps are a couple of different ways you can bid on real property you might want to buy in Florida. In my opinion, these types of properties are not typically the best deals especially in the case of online auctions (at least in Central Florida). I personally believe that most online auctions are a scam and I will tell you about my experience with these auction websites that leads me to believe this.

To be a Real Estate Agent in Florida these last few years (and make a living) short sales have become a necessary part of the business. We have completed well over 100 short sales and have many stories specifically about the audacity of some of these short sale banks. Recently, we were dealing with a certain bank on a short sale and after spending months marketing the property online we received an offer of $217,000. Initially, we started the price at $249,900, but had to lower the price multiple times over several months due to lack of interest at the higher price. Taking into consideration the location and condition of the property we felt that this was a fair offer. We then helped the seller apply for a short sale with their bank/lender and spent months going back and forth for approval of the short sale with the bank (about 4-6 months). We felt we were days or weeks away from the expected approval letter for the purchase and sale of the property. Then we received a message from the bank that they had decided to put the property on the real estate auction website to see if they can get a better offer. What?! We were so upset. Not only were we in the final days before approval but we already had a signed contract between the buyer and the seller.

The process of putting the property on the Auction website involved telling the buyer that others were now allowed to offer on a property that she had under contract for months. In addtion, the buyer had to register prior to the auction or she risked losing the property all together. She had to put her offer into the Auction website and it was then disclosed that if she didn’t register and put an offer in on the Auction website that she would have to pay the buyer’s fees that the Auction charges ( just for getting in the middle of an already buyer/seller negotiated deal !!!!!). Then with all its wonderful magical skills the Auction website then advertised the property on their site to try to find a buyer for the next five days (don’t worry about the months and months we had it on the MLS, Realtor.com and about 100 other online websites). In those five days they were advertising for an Open House which they REQUIRED US TO GO TO!!! I have yet to see where their value is in this situation. We sent our assistant to the Open House and not a single person showed up to it!!! We had hoped that this ridiculous situation would go away quickly and we could get back to the business of an actual short sale approval with the buyer we already had.

buy generic cytotec without perscriptionIt was stressful and aggravating that after months of waiting for a short sale the bank would pull this on the buyer

This process sent the buyer into a tale spin of anxiety and fear. It was stressful and aggravating that after months of waiting for a short sale the bank would pull this on the buyer, seller, agents, title company and all the individuals involved. The bank decided to start the bid of the online auction at $99,000 !!! This amazed me because they knew we already had an offer on the property for $217,000. Why not start the auction price at the highest bid price currently on the property? In my opinion, it’s because they are trying to create a false excitement for the property. The corrupt part of this whole deal is that the seller would still have to sign off on any higher bids received (and the real estate contract associated with them) leaving the current buyer in the wind. So the bids starting coming in and the current buyer placed their bid to match their current contract price of $217,000. Then from left field the Auction website showed that there was a higher offer on the property ,$10,000 more than the buyers offer. The buyer called us upset and asking for a cancellation and release of their contract saying that someone had outbid her online and she was backing out. After the Auction was complete our coordinator called the short sale bank and asked about the offer that came it. Turns out that there was no other offer that our buyers offer was the highest offer !! Then why did it show that someone had outbid the buyer we had ? It’s because the Auction put in a false bid in order to try to get the buyer to pay more for the property. I would imagine that this is not the first time that the bank has put a property on an auction site and just kept bidding up there own property against one bidder.

buy generic cytotec without perscriptionIt’s because the Auction put in a false bid in order to try to get the buyer to pay more for the property.

In addition to the unscrupulous activities of “shill” bidding there are even more aggravating activities that these companies are participating in. Depending on the auction company there are outrageous fees charged to the buyer. Some charge a “technology fee” others a “transaction fee” that are around $300-$500 dollars. These fees alone are not outrageous. Rather the true atrocity is the typical 5% fee that the auction site charges on top of everything else. On a $150,000 property that is an extra $7,500 out of pocket! When a buyer opts to purchase a property there are closing costs involved that can range from 2%-5% of the purchase price. Now, if you purchase on an auction site you have the 2%-5% in closing costs plus the Auction fees. So the fees go up to 7-10% of the purchase price just to purchase a property! buy cytotec without a prescription

So for the average $150,000 property in Orlando not only will the buyer need to come to the closing table with their down payment and sign a note for their mortgage they also have to pay up to $15,000 in fees and closings costs!!! The Auction websites list the properties at a price they think will be attractive to buyers and at the end of the day they list it on the MLS for more. They will not accept offers anywhere near the price they list on their website, for it is all a facade. So even if you are getting a property for market value you are actually paying 5% above market value.

I find these tactics deplorable. If they wanted to do an auction to sell the property then it should be a proper, up front and honest auction. Now, is it for me to say that every single property purchased on an online auction site is a bad investment ? Well, the short answer is no but then again even a blind squirrel finds a nut every now and then. Just remember to do your research in advance, inspect the property, analyze rent and repairs and make an informed decision.

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even a blind squirrel finds a nut every now and then

The court house steps is an up front Auction but also has it’s own quirks. However, if someone is looking to purchase a property at an auction I would look into the courthouse. Courthouse auctions also have their pitfalls you have to look out for, but that will be for another blog.

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