Scottsdale, AZ -- (ReleaseWire) -- 09/25/2014 --In the Phoenix area, the term real estate auction meant distressed for many years during the downturn. Investors and flippers flurried to the courthouse steps on auction day to catch the many foreclosed deals from saturated bank inventories.
The Phoenix market today is one of stagnant inventory. Many remain on the fence, and slow to make a move. And since distress in the market has come down to normal levels, true price cut “deals” are hard to come by. Very few homes are being bought at enough discount for the fix and flip scenario to make sense. But, when they do, flippers are also seeing their homes sit for long periods of time, and money tied up for longer than they had hoped for.
One such Phoenix-area flipper has turned to non-distressed auctions to sell his 6 residential homes, with the help of i nKlein Auctions, a local auctioneer (part of US Preferred Realty) that specializes in healthy-equity based property auctions.
Unlike the courthouse steps auctions of yesteryear, healthy equity-based auctions are private (all bidders must be registered prior to the auction date), and usually held onsite at the property. Bidders determine the price of the property, and what they deem is the market value.
The 6 properties will be auctioned on October 4th at 1pm with opening bid amounts starting from $50,000. Bidders may bid on 1 or more. The 6 properties range in size from 1,393 to 4,558 SF with up to 6 bedrooms, and are located in Mesa, Chandler and Downtown Phoenix. Property showings are being conducted on the weekends, and have received huge interest already. Showings continue this weekend. The property showing schedule, properties brochure, inspection reports, auction terms and conditions, and opening bid amounts can be found through inKleinAuctions.com, or by calling 480.593.3617.
Pre-auction offers prior to October 4th and Buyer Broker representation are welcome. Bidders must register prior to the auction date.