Covering every aspect of houses and the housing market, HGTV "Auction House" is a new television show about real estate auctions. Upcoming episodes were filmed at Lake of the Ozarks, MO featuring local auction company ProStar Auctions. According to the National Association of Realtors, home auctions benefit everyone.
More About HGTV Auction House
HGTV “Auction House” is a new television show about the world of home auctions. HGTV covers all types of homes from the HGTV Dream Home to the HGTV Green Home. Now they are taking on home auctions. Upcoming episodes of “Auction House” will take place at the Lake of Ozarks properties in MO.
The Columbia Tribune reports the executive Director of HGTV's “Auction House,” Dawn Stroupe, described the show as “the 'House Hunters' of the auction world.” In HGTV "House Hunters" people look at different houses and learn more about what is for them and what is not.
The first segment of “Auction House” was filmed last week at four condos on Lake of the Ozarks. This week, the crew will film auctions of three premier lake homes. The region was selected because of the range of income levels along the lake.
According to Stroupe, there are $80,000 condos and houses up to $3.3 million. Some people have rowboats while other have yachts. Stroupe felt it reached out to many people in the HGTV audience.
Home auctions have traditionally been associated with short sales and foreclosures. Managing principal of PrStar Auctions in Lake Ozark, Bob Shively said, “Within the next five to seven years, a third of real estate will be sold by auction.”
Modern buyers are seeking instant gratification and want to make immediate decisions rather than waiting weeks or months for a transaction. “Auction House” is intended to educate the HGTV audience about the auction process.
Home auctions often bring in a final bid that represents the actual value of the home. The process is fairly predictable once the homeowner decides to sell the house and gets in touch with an auction company. The house is advertised, open houses are scheduled and visitors must be qualified to bid on the auction before it happens.
Buyers of auction homes need a bank order of credit and cashiers check. Often closings take place within one month. The HGTV show “Auction House” will follow this auctioning process from start to completion. Currently there is no set air date for HGTV's “Auction House.”
HGTV fans looking to attend an upcoming Lake of the Ozarks auction or who want more info can email HGTVAuctionHouse@gmail.com.
More About Home Auctions
According to the National Association of Realtors website, there are benefits to selling a house at auction. HGTV “Auction House” seeks to teach buyers and sellers about these benefits, much like the television show “Pawn Stars” taught people about selling various items at pawn shops.
The realtor.org website states a real estate auction is an effective and innovative way to sell real estate. It is accelerated, intense and involves the public sale of a property. The properties do not have to be distressed and can be any type of property for sale. Many people mistakenly believe auction houses are strictly ones facing foreclosure or short sale. House auctions are done through open cry, competitive bidding on the home.
Everyone benefits during home auctions. The seller knows buyers are ready to buy. Sellers don't have to cover carrying costs such as maintenance and taxes for longer than necessary. The property is exposed to pre-qualified prospects and is sold at true market value. The potential buyers must pre-qualify for financing. Auction prices can even exceed the price of negotiated sales because of competition.
Sellers also do not have to endure endless showings of the home. The seller is no longer part of a lengthy negotiation process. Rather, the seller can predict when the house will sell. The marketing of the home is aggressive to make it visible and attract bidders.
Buyers also benefit from home auctions. They pay fair market value for the property because of competitive bidding. Auctions reduce the time it takes to purchase a property so the buyer can move in sooner. Long negotiation periods are eliminated.
Buyers decide the purchase price and can see various offerings at the same place during multi-property auctions. The closing date is known, making it easier for the buyer to plan moving in. A due diligence packet ensures buyers get comprehensive info on the property.
Real estate agents and brokers are also benefiting from auctioning homes. They have a list of ready buyers to increase revenue and market share. It is also a new selling and purchasing choice to offer clients. Properties are sold at true market value within a short period of time.
Many potential buyers are exposed to various properties. Realtors can also develop a market niche, earn commissions for listings, referrals and cooperating and get return business thanks to successful auctions.
HGTV “Auction House” will show the process in action. People will see examples of the benefits of buying and selling through home auctions. Below is a video about home auctions with tips to buyers.
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