Real Estate Auctions Are Thriving as Economy Falters : Recession: Federal RTC and the private Real Estate Disposition Corp. will sell 128 homes in three auctions.
Home shoppers who have toyed with the idea of bargain hunting at one of the area’s growing number of real estate auctions can have a field day--or two or three--this month.
A total of 128 homes in San Diego, Ventura, Los Angeles, Orange and Riverside counties--including several duplexes and fourplexes--will be offered in a series of sales over the next two weekends by auctioneers for the federal Resolution Trust Corp. and the private Real Estate Disposition Corp. of Santa Ana.
The trio of auctions makes June one of the busiest months on record for the thriving residential auction industry in Southern California.
The job of a good auctioneer, of course, is to get the most money for the seller. A successful auction is one at which the property sells for at least 90% of the pre-auction asking price, industry insiders say.
But bidders who keep a grip on their wallets and don’t succumb to auction fever can wind up with more house for less money than in a conventional sale.
At the two RTC auctions this weekend, for example, most of the homes are repossessions that have been appraised below the original selling price.
The RTC auctions feature 31 resale properties in Los Angeles County, two in Ventura County, 11 in Orange County, one in San Diego County and 11 in the Inland Empire.
The Los Angeles and Ventura properties will be on the block Saturday at the Long Beach Sheraton hotel beginning at 2 p.m., said Leslie Manabe, an account executive for Kennedy-Wilson Inc., the Santa Monica real estate auction firm handling that segment of the RTC event.
Manabe said that Kennedy-Wilson has fielded more than 7,800 inquires about the Saturday auction and that 500 prospective bidders attended a “how to bid” seminar earlier this week.
And, more than 12,000 brochures have been mailed to people inquiring about the Orange County-Inland Empire homes.
The agency’s properties in Orange, Riverside, San Diego and San Bernardino counties will be auctioned Sunday at the Long Beach Sheraton. That auction, also beginning at 2 p.m., will be conducted by Allied Federal Auctioneers of Chandler, Ariz.
Manabe said that prospective bidders should arrive at noon if they have not preregistered. Title reports, inspection reports and other documents for each of the properties also will be available for two hours before the start of bidding on each of the auction days.
For information on the San Diego property located in Bonita that is being auctioned, call the Real Estate Disposition Corp. information line at (714) 546-4444. Buyer inspections can be arranged for each of the properties.
