Saturday, January 02, 2010

2010 Real Estate: Year of Auction or Short Sale?

by Bill McBride on 1/02/2010 04:53:00 PM

Lauren Beale asks at the LA Times Money & Company blog: 2010: The year of the real estate auction?

Auctions gained traction in last year's down housing market as a way to sell real estate -- in all price ranges. It's a trend I expect to see more of in 2010, and not just for bank-owned homes.
...
Why I'm expecting to see more auctions in the mainstream: It gives the seller a defined time frame; if the house doesn't meet the "reserved price" the seller had in mind, then it can be always listed later; and the idea is still novel enough that the marketing is an attention-grabber for the house.
Ms. Beale features a high end home in her post (a very high end home!)

I think short sales will be a huge story in 2010 with the recent push by the Obama Administration. And I also expect short sale fraud be to be huge story (related party sales, under the table payments to sellers, and more)