Builder Avoids Foreclosure Using Real Estate Auctions.
In this increasingly competitive housing market brought on by current economic conditions, builders are turning to real estate auctions to liquidate new home inventories. Charlotte-based builder, Southampton Homes has recently engaged Tranzon/Metrolina to auction six custom homes to bidders searching for good values.
"The slow housing market in the Charlotte area is forcing owners to try new avenues to sell their homes," says Don Eldred of Tranzon/Metrolina. "Builders are embracing auctions to gain the benefit of competitive bidding for their properties and to liquidate homes quicker than with traditional sales means."
Traditional real estate listings typically take several months or more to move a property. The auction process, also referred to as the accelerated marketing method of real estate, entails an intense five to six week marketing period that exposes properties to local and national markets. An auction will generate more activity and interest than conventional methods. The process culminates in a cash sale, closing within a 30-45 day window.
Southampton Homes will auction 6 new homes ranging in size from 2,600 to 4,000 square feet, with 4 bedrooms, 2 1/2 baths to 5 bedrooms, 4 baths - all priced well below tax value. Suggested starting bids for each of these homes is $329,000.
Three homes are located in the resort style community of Westport Golf Club in Denver, N.C. Westport boasts not only golf, but a new state-of-the-art amenity center featuring 9 tennis courts, clubhouse and pro shop, swimming pool and fitness center - opening Spring 2009. The other homes are located in Newman Manor - an exclusive community of 29 homes, nestled in a heavily wooded private setting in Cabarrus County.
Tranzon Metrolina, headquartered in Concord, N.C. is a full-service real estate auction company and a member of Tranzon L.L.C. With over 34 independently owned offices from coast to coast, the member companies of Tranzon auctioned more than 1,700 properties last year and over the past five years have conducted auctions in 45 states and the District of Columbia. Tranzon professionals specialize in providing real estate, business asset and liquidation auction and accelerated marketing services to corporations, financial institutions, trustees, individuals and estates throughout the U.S.