Real Estate Auction in Monterey: November 13, 2008

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There’s a public “ballroom” auction coming up in Monterey, on November 13 at 7:00 PM. The auction is being held at the Hilton Garden Inn and they will be auctioning off properties from the Salinas-Monterey area.

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As it happens, one of my own REO foreclosure listings is going up on the block – 6 Minto Road in Watsonville. The current asking price is $297,000 – I do not know what the opening bid will be, but I would imagine it will open up at something like half that price. There may be a reserve bid, but they usually keep that secret.

Interestingly, this is the only property in Santa Cruz county that is being auctioned off in this particular auction series. They do have some houses out in King City, Salinas, Hollister, and Gilroy, though. Also, the auction company is doing a whole series of auctions – for example, on November 15 at the San Ramon Mariott, they are auctioning off Bay Area properties (there are quite a few) and on November 16, they are auctioning off a good selection of properties from the Sacramento area at the Radisson Hotel Sacramento.

The auction is being put on by Hudson and Marshall, and they gave me a little F.A.Q., which I think applies to all Hudson and Marshall auctions, and is similar to auctions put on by other companies, e.g. REDC.

Q: Can anyone attend?

A: Yes! It is a live auction, open to the public.

Q: Is there a fee to attend/register?

A: No – it is free to register.

Q: What am I required to bring to bid?

A: You must have a photo ID, cashier’s check or cash in the amount of $5,000

Q: How much earnest money must I put down if I am the winning bidder?

A: You must put down at least $5,000 per property, which must be paid in the form of cash or a cashier’s check.

Q: What is the buyer’s premium?

A: This is a 5% fee that will be based off your high bid and added to it, which will then become the purchase price. For example, if the winning bid is $100,000 you will actually pay $105,000 for the property.

Q: How long do I have to pay the balance?

A: You have 30 days to pay for the property. (You should already have financing in place)

Q: Can I use my own real estate agent?

A: Yes, you can attend with your agent, and your agent will be paid at least a 2% commission.

Q: Do I have to pay back taxes or liens?

A: No, the properties are sold with free and clear title.

Q: Who pays the owner’s title insurance?

A: The seller will pay for and provide owner’s title insurance to the property.

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