REDC Portland Auction Recap. SOLD!

Auction-pricingI attended the Portland edition of REDC’s/Auction.com real estate auction this morning.  Our out-of-town client was the winning bidder on a property via the webcast.  I tracked the sales prices of the 26 properties and the graph shows the sales price in relation to the published catalog value: the overall average was 44% (three of the properties did not have previous values).  The screen shot below (randomly chosen) is what an online viewer was seeing at the same time.  The web was only fraction of a second behind the live.  How long doe a real estate auction take?  I timed the opening bid to gavel on the the first few properties: 61, 55, 94, and 121 seconds!  They move through them very quickly but make sure that bidders know what they are getting into.  There is a 5% buyer premium added to each sold property that can be financed into the purchase if the property is eligible for lending; about half were.


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