Berkshire County Auctions And Short Sales
are available and we can help! We auction properties directly or can represent you as you attempt to purchase Berkshire County auction or short sales.
As a result of the severe contraction of the real estate market many owners have had difficulty maintaining payments on their mortgages. Sometimes these owners will auction their properties directly. Real estate auctions have a long history. Traditionally lawyers have conducted foreclosure auctions on behalf of the courts, which often resulted in the mortgagee, often banks, taking the properties back rather than allowing them to sell for less than their market value.
Berkshire County Real Estate, includes Pittsfield and the towns of Alford, Egremont, Hancock, Lenox, Lee, Mount Washington, Richmond, Sheffield, West Stockbridge and several smaller ones. It is also close to the adjoining New York towns of New Lebanon, Canaan, Austerlitz and Hillsdale .
Berkshire County real estate attracts residents from New York City and Boston and points in between. In the winter the ski resorts are popular: Jiminy Peak, Bosquet, Otis Ridge and Catamount. Summer destinations in the Berkshires include: Tanglewood, the summer home of the Boston Symphony. Stockbridge, the home of the Red Lion Inn and the original Norman Rockwell Museum and Great Barrington. Other attractions included: the Williamstown Theatre Festival; the Clark Art Institute, MASS MoCA; New England skiing and shopping at the Prime Outlets in Lee.
Auctioneers have also entered the market, providing services to estates or owners in danger of foreclosure who attempt to attract buyers on their own. Typically auctioneers charge an advertising fee which in some cases may be close to 10% of the value of the property, in addition to taking a sales commission which varies from 5-10% and may be payable by the Buyer.
We often handle Berkshire County Real Estate auctions
Our auctions are similar to the other types of auctions, but vary in several important details. Since the auctions are being conducted by a real estate broker, the broker assumes all advertising costs, and there is no Buyer premium, since the Seller pays the commission. All bids are subject to acceptance by the Seller.
The terms and conditions of our auctions follow:
- Bids may be submitted at any time up to the designated cut-off by e-mail to firstname.lastname@example.org or by phone to 518-392-6400 or 800-398-8802. Bids must be accompanied by a name, address, and phone number, which can be used for verification of bid. The time frame for bids may be extended at the sole discretion of the Broker
- The successful bid is the highest submitted bid, which is accepted by the Seller. The successful bidder will have 24 hours to sign a standard form Capital District sales contract which accepts the condition of the property “as is” and includes a 10% deposit. If not signed within 24 hours the Broker may contact the back-up bidder. At the signing of the contract the seller must provide an Attorney’s name to be included in the contract, along with phone and fax numbers, or a statement to the effect that he/she is not using an Attorney.
- Once signed by both parties, the contract will be faxed to the attorneys for the buyer and the seller. If either attorney objects within 72 hours the contract will be cancelled and the deposit returned. If neither attorney objects the contract shall become firm and the deposit is non-returnable, except if good title cannot be provided.
- Closing are ordinarily set for 30 days after the contract is signed by both parties, but may be extended by mutual agreement.
- At the Seller’s discretion a mortgage contingency may be included in the contract.
In addition to auctions which we administer you may seek to purchase properties at private or public auctions, including foreclosures.Typically when banks auction foreclosed properties, they bid at the auction and take possession of the property, rather than allowing the sale at the low auction price. The result has been a high level of bank owned properties.
This trend was further reinforced by the prevalence of owners who could not make payments and instead of facing foreclosure decided to give a deed on the property back to the bank, often without the necessity for additional payment, merely taking in their equity. This practice described as “ a deed in lieu of foreclosure” saves both parties the expense of going through the foreclosure process.
An alternative to foreclosure and “a deed in lieu of foreclosure is the practice of a “short sale.” In this situation the bank and the owner acknowledge that the value of the mortgage on the property exceeds the market value of the property. In order to sell the property the bank and the owner agree to work together to find a qualified buyer and then agree to sell the property for less than the value of the mortgage. The mortgage company is often willing to accept this lesser amount then go through the foreclosure process with the costs involved and the prospects of receiving a loss in the end.
Many banks hire companies to handle their foreclosures and place their listings with real estate brokers. In some cases they try to sell them directly. While banks often sell their properties at attractive prices, since it is costly for them to hold them, the process of purchasing bank owned properties, or “short sales” may involve long time frames. Banks often have requirements which prolong the timeframe for effectuating purchases.
Ordinarily banks are willing to pay commissions to realtors, but realtors may be hesitant to get involved in these transaction because of the low commission and high time involvement. Because of the work involved in tracking down and working with banks, agents may ask that you enter into a buyer agency agreement for representing you on these properties. This allows the agent to work on your behalf and know that if the deal goes through they will be able to collect a fee.
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