Five Reasons to Auction Your Home

Home Auctions | Smith & Co

Home auctioning is a growing industry, fast competing with the traditional home listing by hometown-based real estate agents. In an age when we need everything done yesterday home selling and buying remains one of the most time-consuming and laborious tasks in the retail industry.

More and more sellers are exploring home auctioning as a definitive, clean alternative to traditional listing. First and foremost, an auctioned property brings in the desired result in one event, held on one day. Think of it as an open house guaranteeing a buyer. The traditional open house rarely results in a buyer and if it does, the open house itself is only a precursor to the process that must follow to actually close the home. An auction brings in buyers who have already explored the specific attributes of your home and have prequalified. They come to the auction armed with the required security payment and financial documents. At the end of the event, your home is sold.

With the advent of on-line auctioning you have access to potential buyers around the world. The likelihood of meeting your reserved price increases exponentially with the number of bidders present. That number increases with global access by potential buyers. Access is particularly beneficial if your property value is high. Through online auctioning you are now reaching audiences targeted worldwide by your auction real estate agency.

The act of auctioning itself creates a competitive spirit among participants and more often increases the final bid. It is within our human nature to achieve a win regardless of the competition. When you put participants together there is a validation of the potential buyer’s interest by those who are present and therefore also interested. If other potential buyers are bidding within the same range it solidifies the value of the home to all of those participating and participants are willing to continue to bid.

Another benefit to auctioning is the finality of the sale. There are no contingencies, no negotiating. Properties are sold “as is”. The highest bidder wins. The seller does not have to negotiate the price based on some physical condition of the structure or value formula contrived by a buyer’s agent.

Finally, the seller is continually inconvenienced to accommodate viewings by potential buyers in a traditional listing arrangement. With home auctioning there are no scheduled personal viewings or open houses. Marketing the property and auction is undertaken by the auction agency. Most commonly, bidders are welcomed to view the property over a short period of time immediately preceding the auction or on a date within a few days to a week before the actual event. The home owner is not subject to the continual interruption and preparations for home showings. One effort for one event and the result is a home sold!

Upcoming Aircraft Auctions

Aircraft Auction | Smith & Co

Upcoming Aircraft Auction: Nov 6th & 7th

An auction is one of the most reliable sources for purchasing something typically on a larger scale for an affordable price and very quickly. The most popular types of auctions used to be reserved for vehicles and residential property. However, those looking to acquire an aircraft for a reasonable price can attend an aircraft auction.

An aircraft auction is very similar to an auction for a home. Our auctioneers will provide a brief description of the aircraft to be auctioned off. Auction participants can usually get a visual of the aircraft and then the bidding begins. The auction process is quick and without any prior experience or research of what to expect from an aircraft auction can result in an impulsive decision.

You don’t need to have extensive prior auction experience in order to get a great deal on an aircraft. Nonetheless, you should engage in useful research so that you’re prepared for whatever may occur. If you can, ask the seller prior to the auction for logbook status and any damage history. Also, you might want to inquire about avionics and any equipment that will be included in the sale of the aircraft. These things might be listed in an ad, but if not it’s good to get as much prior knowledge as you can obtain.

Smith & Co. Auction & Realty, Inc. has two upcoming aircraft auctions. The first auction will be held on Thursday November, 6th at 1:00 pm and the second on Friday November, 7th at 10:00 am. Both auctions will be selling experimental airplanes and ultralights. For auction location and bidding information, feel free to visit our auction website.

Real Estate Auction Etiquette

Real Estate Auction Etiquette | Smith & Co Real estate auctions are very common, especially recently with the surge of foreclosures. A potential homebuyer can certainly purchase a great home from auction at a very affordable price. However, there are things you must know about the auction process and how to approach this circumstance appropriately.

 

Before you attend your first real estate auction, you must understand the scale of what you’re about to do. You must take the auction seriously and bid on a home within your limits. Bidding on a home on a whim is not a good idea.

 

Budget

Have a budget in mind so that auction time is not wasted and so that a home you can’t afford can rightfully be purchased by a more financially sound person.

 

Know the rules

Learn the rules and restrictions of the auction company or real estate agency for purchasing an auctioned home. Also observe how others are behaving. You’ll notice that real estate auctions are not a shouting ground. All you need to do to place a bid is maintain eye contact with the auctioneer.

 

Don’t compete

As much as you might want to purchase an auctioned home, don’t go to the auction with the intention to compete against others. Make sure you are respectful towards those bidding as well as towards the auctioneer.

 

Prepare funds

The money to be paid for the auctioned home might be due at the time of purchase or within a few days so make sure you have the funds available.

 

Smith & Co. has been conducting real estate auctions for many years. To attend one of ours or to learn more about the real estate auction process, be sure to give us a call.

How Real Estate Agents Can Help Sellers

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A real estate agent is a buyer and seller’s best advocate. An agent’s main purpose is to ensure their clients get the fairest and most profitable deal. Often times, a seller might try to go into a real estate transaction with no assistance or knowledge of how the process works. While a sale can go through, it might not be 100% in their favor. Hiring a listing agent while you are selling your property should be a no-brainer. Here are some reasons why a real estate agent can be an asset to your selling experience:

 

Navigate Confusing Trends

As a nation, we are beginning to climb the ladder from the devastating market crash in the early 2000’s, making current real estate conditions competitive. An agent will be able to help guide a seller so that their house is marketed correctly to attract the right buyer.

 

A real estate agent has a leg up on current market conditions. They also have the knowledge to develop a strategy that works best for their client’s needs.

 

Help with Financials and Negotiating

The financial aspect of selling a home can be difficult to understand. Setting a price for your home is personal and it’s hard to take your feelings and opinions out of the equation. An agent can help a seller choose a rational selling price.

 

Sell Faster

Let’s not forget that an agent is involved in a lot networking. With a wealth of contacts, they can inform other agents of a beautiful home that their client would be interested in. It’s actually proven that homes that are for sale by owner take much longer to sell than if they were listed with an agent. The agent has access to things like the Multiple Listing Service, which is a database of houses for sale around the US. Because if the exclusive access, they can guarantee that your home will be seen on sites like realtor.com or zillow.com.

 

Real estate agents are a valuable asset and work hard to make sure their clients are satisfied with the sale of their home. With an objective voice and viewpoint, a seller can feel confident in the decisions they have made

First Time Home Buyers | What You Need To Know About Property Taxes

What you need to know about property taxes | Smith & Co

Before you put a bid on your “affordable” dream home, you have to take into consideration an important factor that can drastically change the affordability of a home: the property taxes.

 

What are property taxes?

A property tax (or millage tax) is a levy on property that the owner is required to pay. The tax is levied by the governing authority of the jurisdiction in which the property is located. Property taxes are based upon the location and the specific home’s value.

 

For first time home buyers: here is important information about property taxes you need to know and how that number coincides with the value, as well as monthly payment, of the home.

 

  • Local governments use property tax revenue for funding programs such as education, emergency services, transportation, libraries, parks and infrastructures.
  • Property taxes are a major cost for homeowners and are paid yearly either in a lump sum or the cost is divided to be included in 12 monthly mortgage payments.
  • The tax rate is a flat rate percentage based upon the value of the property.
  • Various levels of governments are allowed to collect property taxes. This includes states, counties, school districts, and special districts.
  • A licensed tax assessor will use market data, previous sale prices and neighborhood desirability to determine the value of a home, which determines the amount of property tax to be paid.
  • Property taxes can be raised by governments each year when support for funding is needed.
  • Home improvements can increase the value of a home and thus, increasing the property taxes. Homeowners need to ensure that the amount of money put in and the amount of taxes to pay will be received back with the revenue from a future sale.

 

Buying Your Home At Auction

tips for buying at auctions

Benefits, Tips, and Tricks

 

The traditional viewpoint is that homes are bought and sold through a series of open houses, meetings with realtors, house showings, negotiations, home inspections… the list goes on. But there are easier ways to sell and purchase properties! Through real estate auctions, both the buyer and the seller have a much shorter and easier time throughout the whole transaction.

Final Price

As the buyer/bidder, you have the power to determine the final price of the home. Often times, you will get a significantly lower price on an auctioned home in comparison to a home where you must provide offers. Further, your bid cannot be declined by the seller. Adequate preparation in the time before the auction can ensure that you walk away with a fantastic deal and a new property. One tip: the first few properties often sell for less as bidders sit them out to see how the bidding will go.

Time

You’ll have plenty of time to attend the home’s open houses prior to the auction. This will give you a great opportunity to check out the homes and inspect them for potential damages that you will have to eventually repair. In the long run, as the buyer, you will also save time by eliminating the price negotiation phase. In some states, ownership is transferred immediately following the auction.

Ease

Most of the hullabaloo is taken away at auctions. By preparing yourself ahead of time and getting all of your ducks in a row, you are able to make the transaction completely painless. No waiting, no negotiating, no let downs. Preparing for the auction can often be the most complicated part. You’ll have to do a fair amount of research on which houses will be auctioned, as well as do your homework on the home’s history. You’ll want to attend the open house if available, and talk to people in the neighborhood. In addition, you will have to arrange your finances ahead of time and make sure your liquid cash is ready. For more tips on exactly what you’ll need to prepare, visit this site.

Finding the History of A Home

the history of a home

There has probably been a time when unanswered questions about the history of your home have wavered into your mind. While an inspector can certainly inspect the home’s bone structure, they cannot tell you about the history of the home. Some questions you might be pondering are, who lived here before, what remodeling has been done or has there ever been any documented disputes or problems with the home? Finding the history of a home can be especially helpful if you plan to purchase a home at auction.

 

Learning the history of your home is a matter of public record, but you have to know where to start your research. Your trip to the past should begin at your local courthouse or historical society.

 

Most of the information you’ll want to seek out will be in recorded documents, thus being kept in a public records or clerk’s office. Historical societies also have access to public records and can pull up a house by official lot number.

 

With consideration that addresses change periodically, recorded information will be organized by the house’s lot number, not the actual numerical address. Once you have the property lot number, researching will be much easier.

 

A building permit is also great for learning about the initial cost of the home, who built it and when as well as original dimensions and any other constructional information. You’ll need to obtain a building permit, which can be provided at the courthouse or historical society.

 

A copy of your property’s abstract will provide you with information on the previous owners as well as recorded deeds and any legal transactions. You may have been given this document at the time of purchase, but a copy of same can be provided at the courthouse.

 

Lastly, don’t forget to peruse through your county’s newspaper archives as well as chatting with neighbors. They will be able to provide a wealth of information if they have been present in the area for an established amount of time.

Outlaw Al Jennings’ pistol going up for auction

 A pistol and other possessions belonging to a one-time Old West outlaw who later ran for governor of Oklahoma and became an actor are going up for auction

A pistol and other possessions belonging to a one-time Old West outlaw who later ran for governor of Oklahoma and became an actor are going up for auction next month.

The .45 Colt revolver owned by infamous outlaw Alphonzo “Al” J. Jennings could go for as much as $30,000 during an auction June 5 in Woodward, said Ira Smith, auctioneer with Smith & Co. Auction and Reality Inc.

Jennings was born in Virginia in 1863 and moved to El Reno, Oklahoma, where he became the prosecuting attorney for Canadian County, according to the Oklahoma Historical Society.

In 1895, he joined his two brothers in a law practice in Woodward. Later that year, one brother was killed and another wounded in a shootout with a rival attorney. Jennings later formed an outlaw band that attempted to rob trains and general stores before he was captured and sentenced to life in prison.

One of his brothers got his sentence reduced, and Jennings was released just a few years later. He ran unsuccessfully for Oklahoma governor in 1914 and then moved to California, where he appeared in at least two westerns before dying in 1961.

“Al Jennings is probably one of the most enigmatic characters in Oklahoma history,” Oklahoma Historical Society executive director Bob Blackburn said. “He was a potential candidate for governor, so he had a professional side to him — an ambition to be accepted by the community — and at the same time, he had this urge to get rich quick. He was not successful at either one.”

Blackburn said Jennings was probably most successful at getting into the movie business.

After Jennings’ death, his possessions, including the pistol, trickled down through family members, who have now decided to put up the items at a public auction.

Other items include a picture of Jennings attending Wyatt Earp’s funeral, a poster from his failed attempt to become governor and a book signed by President Harry Truman, said Karen Rampy, Jennings’ great-great niece.

The auction will be streamed online, too, Smith said.

“It’s hard to put a value on this thing, but in my mind — which I’ve been in this business 32 years so I’ve watched this happen before — that gun could easily bring $20,000 to $30,000. You never know at a public auction,” he said.

http://abcnews.go.com/US/wireStory/outlaw-al-jennings-pistol-auction-23871388

http://www.myfoxphilly.com/story/25612923/outlaw-al-jennings-pistol-going-up-for-auction

http://m.newspressnow.com/news/national/article_14137726-d886-57aa-a986-d823af2425b7.html?mode=jqm

http://entertainment.verizon.com/news/read/category/US/article/the_associated_press-outlaw_al_jennings_pistol_going_up_for_auction-ap

Three Important Tips for First Time Buyers

Before purchasing your first home, you’ll want to focus on the three most important steps of the home buying process. After stabilizing your credit, determining what you can afford, and researching all costs, you’ll be ready to get into the more exciting aspects of choosing your first home.


first time buyer's guide

Stabilize Your Credit

Your credit score is going to either negatively or positively influence which houses you are able to buy. Let’s hope it’s the former. Get your credit report as soon as possible and start making changes to improve it.  In order to make the most of your credit score, avoid moving your money around in drastic ways for a few months before you plan on applying. Don’t apply for new credit cards. Don’t take out new loans. Don’t give your brother $200,000. Banks are hoping to see consistency. This clues them in that you are reliable and a satisfactory candidate for a mortgage. Providing them a complete trail of where your money has been for the recent past can only help your credibility as a mortgage applicant.

Determine Your Budget

In all likeliness, a home will be the biggest purchase you ever make. Many people get in trouble when they try to buy too much house when they cannot afford it. It can leave you with less money for other financial goals you may have such as buying a new car or paying for college. Avoid this by maximizing your monthly mortgage payment at 28% of your monthly income. For example, if you are making $1,000 per month, you should only be spending $280 per month on your mortgage. Staying within this budget will free up your leftover income for things like paying other bills, taking vacations, and buying new cars.

Be Aware of Sleeper Costs

Naturally, the most important number to pay attention to is your monthly mortgage payment. However, you also shouldn’t minimize the importance of extraneous costs such as taxes, maintenance, and repairs. Paying little Joey to mow your lawn over the summer might be something you didn’t think about when you talked to your mortgage broker. You’ll likely also have to replace a door, roof, backyard shed, etc. Taxes can be another doozy.  They can go up without any explanation, and you are obliged to pay. Avoid potentially losing your home by paying close attention to possible repairs, and budgeting for the unexpected.

 
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