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Just seems odd that a house is adv for 3 days,then says send bids.Oh,well. He has a good down payment,has been living at home, saving $$.His parents aren't up on real estate,having lived in same place for over 30yrs.I told him he needs to get pre approved,choose a realtor & go from there.Thanks again.

Quote:

Originally Posted by QuilterChick

Quote:

Originally Posted by plainpat

I've been seeing houses for sale, adv on line or in the newspaper.It gives basic info,along with a few pics.
Then a few days later it says have your best bid in by 5pm today.You don't see that property again,so have no idea what it sold for.This just something new to us,never saw property sold in that way.
They are not re pos...or at least,not mentioned in the adv.Does anyone know what this is called? Want to find out for a friends DS who will be looking to buy 1st house in the Spring.

Pat, those are auctions. Possibly homes that have been for sale with no serious offers; then the owners simply tell the agent or an auction co. to advertise for the highest bid. When your friends get ready to look around, it is important to get an experienced Realtor as their buyer's agent to help them through the current maze of buying and selling in this economy. The Realtor will give them accurate information on sale prices and what to pay, and a buyer's agent represents the buyer only.

There is also something newish called Quick Sale. Don't know how it works.

There is no "quick sale"...it's a SHORT SALE. A short sale is selling your home for less than you owe...thus...short of your mortgage balance. And...the sale is never Quick!!! Short Sales usually take months and months to sell because the bank allows a realtor to list the property and then when the owner receives offers...the bank collects them until they see the highest and best offer. This can take months and months. It is a nightmare and the banks are extremely difficult to work with requiring mounds and mounds of paperwork from the owner and the realtor.
Hope this helps...Maryann Maki/KELLER WILLIAMS REALTY LEADERS in Northwest Indiana.

maryanne in Indiana says the same thing my realtor friends say....

I have seen that in our neighborhood a couple of times. I, too, would check w/ a realtor you trust to help negotiate the process. my best friend is a real estate agent and according to her these sorts of sales can be really hard and messy for everyone involved :?

Selling price as public record depends on the state you're in - Oklahoma it's not, Ohio it is.

Sounds like a short sale. The lending institution has to approve the sale (because they may end up with less than owed). It creates a bidding war and no one knows what the other bids are. I suppose the seller could create the bidding war without it being a short sale.