The new report comes the same day as the National Press Club on Capitol Hill, where Rep. Elijah Cummings, the ranking Democrat on the House Oversight Committee, and Rep. Trey Gowdy, chair of the House Select Committee on Benghazi, are scheduled to discuss the committee’s investigation into the 2012 terrorist attacks that killed four Americans.
If you are looking to build a new home in the Phoenix area or move a home you already own, don’t assume you will get a fair price. When it’s time to sell, you’ll need to think carefully about what you need to sell to get to an adequate price.
Your main options are to sell your property at a foreclosure auction or in a “reverse auction” and then lease it to a third party seller. A reverse auction could lower your property’s value to the auctioneers just enough to get to the buyer’s property. Or, a buyer may purchase the property through a mortgage-backed security agreement (MBS).
A reverse auction is similar to an auction but the auctioneer does not have the option of accepting a bid. The auctioneer determines at what price, or the “winning bid,” buyers may bid on the property.
Here are the major advantages of reverse auction vs. auction:
1. Better Value with a Reverse Auction
An auction is not necessarily a market-rate estate sale. However, property that has not yet been sold or has been “in the market” for a long time, is not a market-rate property of the type you could purchase from the auction. If you are buying a property on a short-term basis, the auction is usually done at the buyer’s foreclosure auction, which is an inventory of the properties in the foreclosure sale market. If your property is unsold, it is being auctioned under a Reverse Mortgage Agreement or Reverse MBS.
2. More Information
It’s very easy to learn more about a reverse auction from a real estate broker. Most reputable real estate brokers work with the seller to make a list of the property’s properties prior to the auction. You should also speak with an attorney who is familiar with the auction process to get a detailed discussion with the auctioneer regarding your property and the process.
3. A Better Sale
This makes sense when you see the difference between a “reverse” auction and an auction for a “market rate” amount of property. A reverse auction makes no money on the house on the first day of the auction. The
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