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Need-to-know No. 1: The fine print associated with the type of auction you're attending. ... consult with a local real estate attorney and make sure you conduct an exhaustive title search before ...
Bid4Assets has conducted tax sales via online auction for more than half of the counties in Washington. In October, 2010, Bid4Assets hosted one of the largest online real estate auctions in the history of the United States in which over 13,000 properties located in Wayne County, Michigan, were auctioned due to unpaid real estate taxes. [11]
A tax sale is the forced sale of property (usually real estate) by a governmental entity for unpaid taxes by the property's owner.. The sale, depending on the jurisdiction, may be a tax deed sale (whereby the actual property is sold) or a tax lien sale (whereby a lien on the property is sold) Under the tax lien sale process, depending on the jurisdiction, after a specified period of time if ...
The idea is that a bidder places their bid over the Internet in real-time. Effectively it is like being at a real auction, in the comfort of the home. Timed bidding, on the other hand, is a separate auction altogether, which allows bidders to participate without the need to see or hear the live event.
A no-reserve auction (NR), also known as an absolute auction, is an auction in which the item for sale will be sold regardless of price. [1] [2]From the seller's perspective, advertising an auction as having no reserve price can be desirable (but risky) because it potentially attracts a greater number of bidders due to the possibility of a bargain. [1]
The winner's curse is a phenomenon that may occur in common value auctions, where all bidders have the same value for an item but receive different private signals about this value and wherein the winner is the bidder with the most optimistic evaluation of the asset and therefore will tend to overestimate and overpay. Accordingly, the winner ...
However, online auction sites, unlike live auctions, usually have an automatic bidding system which allows a bidder to enter their maximum acceptable bid. This is a hidden or proxy bid, known to the system, but not any other bidders; during the auction the actual bid is incremented only enough to beat the existing highest bid. For example, if ...
Concierge Auctions is a residential real estate company based in New York and Texas. It auctions properties to the highest bidder. [2] In November 2021, Concierge Auctions was acquired by Sotheby’s and Realogy Holdings Corp. [3] The company rebranded to Sotheby’s Concierge Auctions. [4]
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