Choosing Window Replacements

Choosing Window Replacements courtesy of Lowe's Inside Out & Inman News

If you're replacing your windows solely to lower your utility bills, for example, forget it. Energy loss through windows comprises only a small fraction of overall energy loss throughout the house, and you'll be far better off investing your money in additional attic insulation or even, in many cases, a more efficient furnace.

Even if you think your current windows are in terrible shape, you may wish to get an estimate on repairing rather than replacing them. This is especially advisable if you're lucky enough to have a prewar home with original wood windows -- in this case, replacement windows will almost certainly detract from its market value. Bear in mind that window replacement is generally an iffy investment, since it has a very long payback period. It's also one that can radically change your home's appearance -- often for the worse.

If you've determined that replacement is for you, however, here's a rundown of the different window materials commonly available. Remember, we're not talking about the window type -- double-hung, slider and so forth -- but actual material.

Vinyl (polyvinyl chloride plastic, to be specific) is currently the ubiquitous material for replacement windows, but that alone doesn't make it an obvious choice. The moderate price can be attractive, but the jury is still out on vinyl's durability over the long haul. What's more, the thick, doughy frames typical of these windows are inappropriate to many home styles, and the slim choice of colors makes them easy to spot as replacements.

Aluminum windows are still available, but no longer carry the bargain price you may remember from years past. There's a good reason for this, however: They're now better built and far more efficient than the cheapie units of the 1960s. If your house was originally built with aluminum windows -- most postwar houses from the mid-1950s through the 1980s were -- there's no question that new-generation aluminum windows will be your best aesthetic choice for replacement.

Wood windows, whether standard or clad, remain the premium choice for replacement. Clad windows, which variously have an external shell of aluminum or fiber glass to protect the wood elements from weathering, are represented as doing away with maintenance headaches. However, unlike plain wood windows, they can't be easily repaired or refinished if they're damaged. You're also permanently stuck with the color of cladding you choose. Hence, you should weigh the premium you'll pay for clad windows against the occasional headache of repainting the standard wood version. Be prepared for sticker shock with either product, however -- these windows are truly a lifetime investment.

As long as your budget allows it, the simplest rule of thumb for choosing window material is to replace like for like -- aluminum with aluminum, wood with wood. In 10 years, after the latest window fad has come and gone, you'll be glad you did.

Read Arrol Gellner's blog at arrolgellner.blogspot.com, or follow him on Twitter: @ArrolGellner.

Free Summer Concerts in Kansas City

Free Summer Concerts

Great information courtesy of Her City Guide.


Park Place Leawood
Join Park Place for their third year of fantastic LIVE, FREE Music every Thursday night all summer-long from 6-8PM! Bring your lawnchairs and blankets and spread out in the grass at Barkley Square! Get there early to claim your spot! Enjoy a great meal from any one of the fabulous restaurants, or a sweet treat from Paciugo Gelato! Be sure to come out July 15th from 6-9PM for the first ever Summer Street Party, with the KC All-Stars, a bounce house, free face painting and balloon art for the kids, plus food and drink tents lining the street! That's right, the street is closing down for a good old-fashioned Street Party!!!
Upcoming Performances
6/30: Billy Ebeling
7/7: The Creighton Organization
7/14: The Doo-Dads FOR KIDS!
7/15: FIRST ANNUAL SUMMER STREET PARTY WITH THE KC ALL-STARS 6-9PM!
7/21: Separated at Birth
7/28: On the Record
8/4: The Cheap Dates
8/11: Funky Mama FOR KIDS!

Downtown Lees Summit
Enjoy FREE Friday night concerts Memorial Day weekend through Labor Day Weekend!
Concerts typcially begin at 6:30 p.m. at Howard Station Park and end at 10:00 p.m. The park is located in Downtown Lees Summit at the corner of Third and SE Main Street. Guests are encouraged to bring lawn chairs or blankets to sit on.
Upcoming Performances
6/24: Downward Spiral (Rock Covers), Scott Moyer Band (Blues / Rock)
7/1: The Paradise Affliction (Alternative Rock), Burning Symmetry (Alternative Rock)
7/8: Scott Devouton & Friends (Rhythm & Blues), Western Automatic (Blues / Jamgrass)
7/15: KC Cafe Radio (Singers/Songwriters)
7/22: LSPR's JAMAICAN JAM at City Hall Plaza
7/29: The Billy Bats (Blues / Alternative) Kan Eyed (Classic Rock)
8/5: LSPR's BLUES & JAZZ FEST at City Hall Plaza
8/12: Ruskinquartet (Jazz / Indie), Begin Anyway (Pop / Folk)
8/19: Bill Morris (Folk / Celtic), Lezlie Revelle (Folk / Celtic)
8/26: Wheelhouse (American Pop Rock), Gary Putthoff (American Blues/Rock)
9/2: Songwriter's Showcase (Singers/Songwriters)

Olathe Thursday Night Concert
Thursday, June 30, 6-9pm
Join the Olathe Civic Band for a concert followed by 19th century fireworks by the Olathe Fire Department. Bring your lawn chairs, blanket and picnic dinner to enjoy this patriotic celebration. After the concert, enjoy a special 19th Century Base Ball presentation. Fireworks will begin at dark. Free admission; special activities like stagecoach rides are $2/person.

Secluded Shawnee Home on 20 Acres

24301 W 71st Street Shawnee, 66227

Beautiful Shawnee home boasts 6 bedrooms, 3 full baths, 3 half baths on 20 desirable estate acres. Custom "SECLUDED" LARGE HOME-Passive Solar features! Two Kitchens + Separate Living in Lower,Level/ Walkout!! Big great room/game room! Custom Master-WING with multi-persona sauna off master. Vaulted ceilings throughout! UNIQUE! Quality Construction.

Beautiful, Unique Grounds and Home in SECLUDED-Strong area. Great SHAWNEE LOCATION!!

Just west of 7 HWY. A must look at property! Borders a future Park site and golf course across street

Social Media Safety

The following blog post was written by Tracey Hawkins on her blog Safety & Security Source. It is a great reminder for all Real Estate Agents & people in general!

Social Media Safety For Real Estate Agents

Agents are utilizing social media by leaps and bounds. Programs for increasing your followers and gaining fans are more popular than ever. However, in the quest to grow your business, one step is being over-looked - your safety while on these sites.


So Tracey Hawkins, Real Estate Agent Safety Expert and the instructor for KCRAR’s CE class called “Be Safe: Protecting You and Your Clients,” offers these tips to keep in mind while in cyberspace:



1. There is no such thing as "privacy" on any of the social media websites. Anything and everything that is written and published on the internet, by you or others will be public. Regardless of the privacy settings, your privacy is only as good as your connections and their privacy settings. Your information can be shared with anyone and everyone. So, if you don't want everyone to know, do not share it.



2. Do not publicize your calendar and schedule. By letting your contacts know where you are, that is as good as telling them, "I'm not home. Please burglarize me." Or, to potential stalkers, "Here I am." If you think criminals don't know where you live, see number 3 below. Do not announce your comings and goings. Be careful about publicizing open houses and the time you will be there on these websites.



3. Know what information is in cyberspace about you. Go to websites such as www.123people.com and www.pipl.com just to get started. Prepared to be shocked! Visit those individual websites and look for options to remove your information. Some records are public and can't be removed. Some are profiles you have set up on different social media websites. Set up "Google Alerts" with your name. Anything you publish online will eventually surface. "Google" yourself every once in a while to see what information is out there.



4. Beware of location-based websites and programs. Twitter allows you to show your location as you Tweet about your activities. FourSquare is strictly location-based, you let your friends and connections know where you are every step of the way. That information can be shared.



5. Know you can "block" followers if they harass you, make you uncomfortable or you just don't know them. You can "un-follow" individuals, as well.



6. Be careful with photos of yourself and your listings. Do not use glamour-shot type photos for your profile pictures. That makes you a target. Criminals have a certain victim profile they are looking for. If you fit, you make it easy for them to spot you, and then they can call you for a showing. When taking pictures of listings, don't show valuables in the home. Criminals can "case" houses online from the comfort of their homes, and then go visit the open house or break in and take what they want.

Read my real estate agent safety articles online monthly in the Kansas City Regional Association of Realtors newsletter. You can re-post this article, as long as you give credit and notify and copy me!
http://www.foleypub.com/epapers/kcrarsep/


Content contributed by Tracey Hawkins, Real Estate Agent Safety Expert, Safety and Security Source

Innovative RE/MAX Technology Delivers

Innovative RE/MAX Technology Delivers

remax.com Connects Over 10 Million Customers to Agents

(Denver, CO, June 14, 2011) An overwhelming majority of families start their home search online and they find what they’re looking for on www.remax.com, the number one real estate franchise website. With advanced search properties and complete home listings in thousands of cities and towns, the site also connects homebuyers and sellers with award-winning and experienced RE/MAX agents through the RE/MAX LeadStreet® system. To date, remax.com and Leadstreet have provided more than 10 million unique leads for RE/MAX Associates across the country. And, those agents have helped millions of families buy and sell homes.

“The success of LeadStreet and remax.com is proof of our dedication to customer service and our dedication to our agents,” said Kristi Graning, RE/MAX Senior Vice President of eBusiness and Emerging Technologies. “The fact that RE/MAX agents have received more than 10 million leads, without the referral fee that our competitors typically charge, has brought more experienced real estate professionals to our network. And, those professionals make their customers a priority.”

LeadStreet debuted in 2006 and has sent out an average of 2 million leads a year to RE/MAX agents via email, which means they can receive leads on any computer or mobile device and get back to the customer within minutes.

“Staying on the cutting edge of technology is extremely important. Homebuyers and sellers today expect a quick response and they deserve one,” said Graning. “The combination of LeadStreet and remax.com has helped our agents become the most productive sales force in the industry.”

Two recent respected national surveys show RE/MAX agents continue to outperform their competitors, selling more homes, assisting more families, and leading all other national real estate companies in sales performance.

In the REAL Trends 500 survey, the average RE/MAX agent achieved 14.5 Transaction Sides in 2010, compared with the 6.8 average of all others in the survey. In the 2011 RISMedia Power Broker Report, RE/MAX agents averaged an impressive 14.7 transaction sides, outselling many competitors by more than two-to-one.

For more information, please visit www.remax.com, or www.joinremax.com.

About the RE/MAX Network:
RE/MAX was founded in 1973 by Dave and Gail Liniger, real estate industry visionaries who still lead the Denver-based global franchisor today.

RE/MAX is recognized as one of the leading real estate franchise companies with the most productive sales force in the industry and a global reach of more than 80 countries.

With a passion for the communities in which its agents live and work, RE/MAX is proud to have raised more than $100 million for Children’s Miracle Network Hospitals, Susan G. Komen for the Cure® and other charities.

Nobody in the world sells more real estate than RE/MAX.
Please visit www.remax.com or www.joinremax.com.

3 Tips for the First-Time Home Seller

3 Tips for the First-Time Home Seller
By Dana Dratch

RISMEDIA, Tuesday, June 14, 2011— Today's buyer-take-all bonanza is a boon for fence-sitters and buyers with great credit and deep pockets. But sellers are steeling themselves to new realities that include paying (rather than making) money at the closing table, providing extras to sweeten the deal, and spending more time and cash making the home camera-ready.

For first-time sellers who have never been through the process before, it's a different world. One where the value of the house isn't measured in the profit made on the sale, but by the enjoyment the owners had from living in the home.

Here are three things experienced sellers would tell you, if they could.

Price it realistically from the start

"Your largest number of showings will occur in the first two to three weeks," says Mark Ramsey, a broker in Charlotte, N.C. One reason: "The (multiple listing service) systems and the Internet tend to drive the majority of showings," he says. Many buyers are plugged in electronically. So the minute something new pops up that meets their criteria, they want to see it.

Take advantage of that sweet spot by pricing the house competitively right out of the gate, he says.
When first-time sellers James and Emily Foltz put their Oklahoma City home on the market last summer, their agent gave them a comprehensive list of the initial asking prices of nearby homes like theirs, along with the final selling prices. "Some varied by $30,000," says James Foltz.
It gave them an X-ray of their market.

How you style the price is important. The Foltzes first marketed their home for $155,000. But lowering it to $150,000 meant the listing appeared within the computer search parameters that buyers commonly used in that price range, Foltz says.

The result: A few weeks after the price change, they had a winning offer.

Be prepared to lose some money

Want to sit with a house that won't move? Be the first-time seller who insists you can get the appraised value, the tax assessor's estimate or whatever you paid a few years ago.

"It seems like there's no relationship between your assessed value, taxable value and the actual market value of our house," says Pat Vredevoogd Combs, past president of the National Association of REALTORS®. "There doesn't seem to be any correlation."

The truth is that your house is worth what buyers are willing to pay. No more. "This is a true market that Adam Smith would have loved—totally based on supply and demand," Combs says. That means many buyers should be prepared to lose some money or hang onto the home until the price rises.

"We did end up taking a loss," says Foltz, who wrote a check for $3,000 at the closing table. The good news is that the couple sold their home in less than two months.

Beware the agent who promises big profits, Combs says. That person may just be after your business. "Don't go with anyone who doesn't use comps," she says. And study sales prices, not asking prices, for real estate.

Promotion, promotion, promotion

One question to ask yourself and pose as you interview agents: How will you reach the home's target market?

"You have to consider who your most likely buyers are for what you're selling and cater to that group of people," Ramsey says.

Targeting 20-somethings who live on their smartphones? You need to effectively access the networks your buyers are tapping to find their next home. One big trend: QR (or "quick response") bar codes that allow smartphone users to access property information electronically, he says.

The typical starter home can also appeal to downsizing empty nesters, says Ramsey. To serve their needs, you might also want to have a phone number that instantly reaches someone who can provide details and answer questions, he says.

And don't neglect the modern version of curb appeal: using lots of photos on real estate listings' websites. However you market your house, you need a good number of clear, well-lit, professional-quality pictures that show your house at its best.

For more tips, visit www.bankrate.com.
RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

How to Save Energy & Stay Cool During a Heat Wave

RISMEDIA, June 15, 2011—(MCT)—Nature doesn’t appear willing to cut consumers a break. Neither does the economy. Longer, colder winters turn quickly into prolonged, hotter summers. To add insult to injury, it seems to be happening while the cost of energy is skyrocketing.

Recent 90-degree-plus days in the nation’s East tested the endurance of even those who thrive on sultry weather. As household electric meters spin at warp speed, how can you rein in energy costs and remain as comfortable as possible?

“My first response would be to add insulation to ensure a well-sealed house, but if homeowners cannot manage it in the middle of a heat wave, I understand,” says Ronnie Kweller, a spokeswoman for the nonprofit Alliance to Save Energy in Washington.

A no-heavy-lifting alternative: buying an Energy Star-rated programmable thermostat for “as little as $25.”

“When the house is empty, the thermostat could be turned up and set to have the temperature drop to more comfortable levels by the time you arrive home,” Kweller says.

Just doing that can cut energy expenses by 10 percent, she says, adding that the cost of cooling a house in summer averages about 12 percent of your annual bill.

Most utility companies and energy-efficiency advocates recommend raising the thermostat to 78 degrees when you’re home, 85 degrees when you’re away. Based on a 2,400-square-foot house, the savings-per-degree equals $4, according to Georgia Power in Atlanta.

Other fairly easy ways to chill a bit include replacing furnace/air-conditioning filters regularly, as recommended by the manufacturer; closing blinds, curtains and shades on the sunny side of the house, and using energy-efficient lights that don’t produce a lot of heat—or just shutting off the lights when you leave a room.

A variety of sources offer ways to cut costs while staying if not cool, then less hot —for longer-term solutions, you may well have to install that extra insulation, or replace older air conditioners or central-air systems:

Massachusetts utility company NStar, among others, suggests using a ceiling fan in hot weather, to create a cool breeze and keep air circulating.

To get rid of hot air while you’re cooking, turn on an exhaust fan; the savings on cooling costs will far outweigh the electricity used by the fan.

Instead of using your oven or stove, which will generate even more heat, fire up the outdoor grill.

Take lukewarm showers and baths to avoid humid air, which holds heat.

Make sure you have the appropriate sized dehumidifier for your home. They can be a big drain on power.

Not all energy-saving measures have to do with keeping comfortable. And some measures require an explanation.

The California Energy Commission’s Consumer Energy Center, for example, says that “having lots of food in your fridge keeps it from warming up too fast when the door is open.”

“I just checked with a couple of my wise young policy/research colleagues, and it seems that there are two reasons why it’s better to keep the refrigerator full when possible,” Kweller says. “The solid food itself retains the cold, and the tightly packed items serve as a physical barrier to the cold air rushing out when the door is opened.”

A corollary to this: letting hot items cool down before placing them in the refrigerator, so it doesn’t have to work as hard to cool them.

The California energy center also advises that microwaves use two-thirds less energy
than a stove does.

Dishwashers use less water, some hot, than washing by hand. Letting dishes air-dry saves electricity.

Speaking of washing—do laundry in a more energy-conscious way by using the warm or cold water setting. Use cold water to rinse clothes (savings: 4 percent).

Line-dry clothes whenever you can (savings: 5 percent).

When you run the dryer, do full loads, use the moisture-sensing setting, and clean the lint trap after each use (savings: 0.5 percent).

Most new electronics use electricity even when they are switched off. Unplug phones and chargers; turn computers and printers off at the power strip (savings: 1 percent to 2 percent).

“There are so many variables, so that’s why we talk about savings up to a certain percentage,” Kweller said.

Unplug or recycle that spare refrigerator if you don’t really need it. It can save you up to $150 per year.

Turn your water heater down to 120 degrees Fahrenheit to save even more money on your electricity bill.

When baking, Georgia Power says, avoid opening the oven door, which lets out 20 percent of the heat. Use a timer. When cooking on top of the stove, use pots and pans that match the size of your burners, which brings more heat to the pan and less to the surrounding area.

Kweller says she, like many of us, often wonders why, with all the energy-efficient products now available, utility costs continue to increase.
Then again, she adds, “Could you imagine what your bill would be like without energy-efficient products?”

For more information, visit http://www.philly.com/.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

Client Reviews & Recommendations

There are a lot of sites out there that let you "rate" a company or business. Yelp is probably one of the biggest ones out there. You can go on Yelp, find a local business, write a review and see other people's reviews. It's a great way to see what other people recommend.

For professionals, including Real Estate Agents, a recommendation is the highest form of flattery (I have seen a similar saying on the back of many business cards). Agents can post comments & recommendations on their personal websites, but wouldn't be great if there was a site that provided these of numerous agents? A "Yelp" for Realtors?! I did some search and found just that site: Everything Real Estate & Reviews. Not only does this site "rate" Realtors, it also allows you to rate other professional that help with the Real Estate transaction - lenders, inspectors, etc.

I highly recommend you check it out!

Keeping Your Pets Happy While Selling Your Home

Courtesy of Paw Prints The Magazine

How to Keep Fido’s Tail Wagging While Selling a Home
by Stacy Smith
The process of selling a home is both an exciting and stressful time. With the opportunity for new beginnings in a new home just around the corner, homeowners are busy with frantic activity preparing to show the home to potential buyers. Unfortunately, the hustle and bustle can cause undue stress on household pets, as their familiar surroundings change. With home sales increasing nationwide, the National Association of Professional Pet Sitters (NAPPS) is reminding pet parents to consider pet-friendly solutions to minimize trauma throughout the process of selling a home.

“Pets are most comfortable when surrounded by familiar sights, sounds and smells,” explained John D’Ariano, President of the National Association of Professional Pet Sitters. “It’s important to take extra precautions in keeping Fido safe and happy throughout the transition of a home sale.”

To assist pet parents in helping pets cope with changes throughout a home sale, NAPPS is providing the following tips and recommendations:

Create a Safe Haven – Does your pet have a favorite toy, blanket or pillow? Create a safe haven of familiar objects for your pet throughout the hubbub of renovations, furniture movement and packing.

Maintain a Routine – While the household schedule may change to accommodate showings, make sure Fido maintains his regular diet and exercise schedule. Too busy to take your pet for a walk? Consider hiring a professional pet sitter for daily walks and play time.

Promote Your Home as Pet-Friendly – Is your home the ideal haven for a fellow pet parent? Highlight the specific pet-friendly features – such as a large yard or the perfect sunny window for cat naps – in your home’s description. This could be the quality that sets your home apart from the rest!

Hire a Pet Sitter During Showings – Pets are not able to run loose throughout the home during a showing, so many pet parents choose to hire a professional pet sitter to provide dedicated attention, play time and exercise during visits from potential buyers.

Relax – Tension can build throughout the process of selling a home, so take the time to relax with your pet! A ten-minute break to play fetch in the backyard or a short walk around the block will give you and your pet the opportunity to take a deep breath and enjoy each others company.

Hiring a Professional Pet Sitter

To assist pet parents in the process of finding a professional pet sitter while selling a home, NAPPS offers the following recommendations:

Develop a set of questions and conduct a thorough interview
Ask for multiple references
Request proof of bonding and liability insurance coverage
Make sure he/she interacts well with your pet

Social Media Mantra - Give & Gain

RISMedia, June 6, 2011—Make this your transformational mantra for engagement in social media. This means not just characters in tweets, but real actions and sharing with others—whether it’s your knowledge, cool tools or any other valuable information you can share. This will help you build new relationships and lead to more fans or likes, followers and others who connect with you; new business will follow.

Did you know that fans are 41 percent more likely than non-fans to recommend a product they are a fan of to their friends?*

You are the product they may recommend and no matter how big or small your sphere of influence is, treat it as your highly prized fan base. You never thought about it that way? It’s time to because while your sphere of influence is most likely a mixture of family, friends, clients and vendors, as you can see, it has real value.

Muddy waters can form between these personal and professional connections. When you communicate with them, keep your tone informative, positive and casual. Yes, in a very real sense, you have become a publisher. With this comes responsibility, but also a chance to let your personality shine through. You have the opportunity—most likely for the first time—to really influence through a medium and be a friendly influencer.

Some of us do keep our personal contacts private from our professional ones, but many of us don’t and never will. No matter with whom you are communicating—family or clients—never let a difficult conversation start or develop online. Online communication is a time for a no-drama approach. But by all means let your humor and wisdom shine through.

Taking the conversation offline when it makes sense is a good practice, too. Social media is a platform, like any other, and has limitations. Know when to move to a more personal medium to further develop the relationship.

There’s a philosophy about accumulating small amounts of acceptance through the right behaviors, which then promotes full acceptance. One of these key behaviors is to add value every time you tweet, post or commune with your base, and as the old saying goes: boil that frog slowly, and he’ll be oblivious and never jump out of the pot!

*gigacom.com; June 2010

Chris Kaucnik is chief marketing officer for Home Warranty of America. For more information, please visit www.hwahomewarranty.com.

Real Estate Auctions

The Art of the Auction: Turning Losses into Liquidity
By Walt Zelwak

RISMEDIA, Wednesday, June 01, 2011— The word "auction" is derived from the Latin augeo which means "I increase" or "I augment." Auctions have a long history, having been recorded as early as 500 B.C. There were many types of auctions held during the Roman Empire. One of the most significant historical auctions occurred in the year 193 A.D. when the entire Roman Empire was put on the auction block by the Praetorian Guard who offered the empire to the highest bidder. In some parts of England during the seventeenth and eighteenth centuries auction by candle was used for the sale of goods and leaseholds. This auction began by lighting a candle after which bids were offered in ascending order until the candle spluttered out. The high bid at the time the candle extinguished itself won the auction. The oldest auction house in the world is Stockholm Auction House, established in Sweden in 1674.

What is going on today?

The National Association of REALTORS® recently reported that distressed homes (typically REOs and short sales) accounted for 40% of the existing homes sold in March 2011. A new report released by Lender Processing Services on May 3rd, 2011 shows that foreclosure inventory as of the end of March 2011 was 2.2 million loans. On May 4th, the FDIC provided detailed information in their "Special Foreclosure Edition" regarding Foreclosure/REO for all companies that they oversee. Banks and mortgage companies/servicers are experiencing foreclosure/REO volume spikes that are at all-time highs. Auctions are being done by the majority of both large and small banks and mortgage companies. Auctions are a valuable loss mitigation tool for collateral management staff as they help reduce inventory and minimize losses on select assets. The fact that auctions substantially reduce the number of units in inventory helps markets move to a more balanced environment.

Prior to any kind of action, the owners of these distressed homes must first establish worth of their asset. The real estate community is sometimes challenged to obtain the level of information and reports that would support valuation and sale analysis of distressed homes. Auction companies should be able to provide detailed feasibility studies that contain multiple metrics that support asset valuation and assumptions regarding the future performance of the real estate market near the subject property. A realistic schedule and timetable of anticipated cash flows from the asset should be established based upon realistic future market scenarios/assumptions. An auction is a great way to ensure that the cash flows can be net present value factored to a correct date in order to establish an accurate value. The Internet and modern technology has made a positive impact on auctions. Some auction company websites generate hundreds of thousands of page views per month from multiple countries. Interested bidder’s activity is closely monitored and is available to sellers 24/7.

Why sell via the auction method?

The auction method accelerates the sale of real estate assets. Auctions generate global consumer/investor interest via the World Wide Web. Non-contingent contracts and quick settlements are required of all buyers of auctioned properties. The seller sets the terms and conditions of the auction sale and the date and time of the sale and closing. Auctions do away with multiple showings and often stressful pricing negotiations with buyers. The bidding process creates competition that increases prices. The marketing strategy targets buyers matched to specific properties and bidders come prepared to buy. The auction bidding creates competition that increases sale price.

Why buy via the auction method?

The potential buyers obtain detailed information on each property from a due diligence package. The buyer knows the seller is seriously committed to sell. Auctions avoid extended negotiation which saves time. In multi-property auctions buyers can view many properties in the same place at the same time. Buyers determine the purchase price. Buyers know they are competing fairly and on the same terms as all other buyers.

Auctions are offered with or without a reserve. A reserve is a minimum number/price at which the property will transfer into new ownership. Auction laws vary by state with differing terms, definitions and rules and regulations can be different, so check with your attorney, REALTOR® or auctioneer. If you are looking for an auction firm consider first those with membership in the National Auctioneers Association and perhaps your state auctioneers association (www.auctioneers.org).

The auction method is a concept that dates to antiquity for a reason—It works!
RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.