Mistake: Home for auction is PENDING

Pending (07/21/07)
1323
Olivia Ct
Tracy 95377
$389,000

They are in contract. I am mistaken. Yesterday I wrote a a blog post which was an opinion about what I was reading in the Tracy Press. My mistake was not checking the MLS. This home is

in contract and it came from the auction. We will not know what price until the home is sold I will keep everyone posted. I am sorry if I caused any confusion.

Brian Barringer

brian@tracyhomes.com

Seller taking auction house off the block.

(Sabastation cat)

There is a lengthy discussion at Tracy Press Online about the home that was auctioned off the other day. The house was for auction with an opening bid of 389K. Then the house got bid up to just under 500K. The owner of the house decided that he was not going to sell the house for that price that he was hoping for 600K. Correction: Owner is in contract.

Now buying a 3000 sq.ft home for 500K is a good deal, its below market, but let me suggest that's what the home might be really worth.

If he has the equity to take the offer. Its not what the tax assessor says its worth, or what the appraiser tells you, its the buyer that actually determines the market price.

Look at it this way, if he advertised it right(willing and able buyers knew about it), which he did well, and buyers bid on the property until no one else would bid. That the market for that house, 500K. That means that is the market value. It looks like the buyer is getting a great deal but is he really or is this home just at a price it needs to be at to sell.

Value of a home is not what it can appraise for, a home or any product in an open market is only worth what a willing buyer will pay for it.

Story on http://www.tracypress.com/: Going Once...............

3,011-square-foot home in southern Tracy. Bids for the four-bedroom, 3½-bath house begin at $389,000. The house sits on a 9,000-square-foot lawn and was appraised at $700,000. Fabriquer expects the home to sell for at least $600,000.

An open house will begin at 11:07 a.m. today and the auction will start at 1:07 p.m. at 1323 Olympia Court. Interested buyers must bring a $20,000 cashiers check made out to a title company to bid.

Read the full story: Going once.......

The conversation continues here: Hey, bidder bidder

In the comments:

written by sonora , July 24, 2007
Can anyone tell me where I can find the answer for my dad, how many homes were taken off the listings because they could not sell it? Will the interested bidders get
their money back if they did not win the bid? $20,000 is a lot of money, wow.

In Tracy today right now, there are......

924 Residential properties currently on the market

67 Homes pending

301 homes have sold in the last six months. or

50 per months which is 18.48 months of inventory.

Yes, you would get a deposit back. The buyer I would assume, because of California real estate laws, would have the rights to do inspections and back out of the contract after the close of the auction. Also to have a proxy of 700K looks like the seller actually was hoping that a bidding war would get him above market value. Which will not happen in this market.

You really have to know the market to go to an auction and bid on a home. The value the auction house appraises the home for is always A-LOT higher then what it would currently sell for and there is always a premium of 5-10% tacked on above the actual bid price. Buying a house is a serious thing and having a copy of the auction rules and reading over them before bidding is advised. I believe there are enough good deals in the traditional market where you will find a better deal. First question ask the listing agent in an auction is what the min. excepted bid would be.

If they did not tell folks upfront they were just wasting time and attempting to stimulate interest. Its all for nothing if the Seller thinks he is going to get top dollar in an auction in a buyers market. When a buyer goes to an auction he wants a good deal as well.

Brian Barringer

Made by Brian W. Barringer in 2006 for
http://www.tracyhomes.com/

Heartland Picture slideshow

Big House with a new price 3868 sq.ft for 519,000

New Price 519,000

Old Price $639,000

5 Bedrooms 3.5 Bathrooms 2 Master Suites Loft, Game Room & Tech Room 3,868 square feet of living space on a 6,969 square foot corner lot on a cul-de-sac

More Photos

• Built as a Model Home with over $80,000.00 in upgrades.
• Elegant two story with formal living room and dining room
• Corner lot in a cul-de-sac
• Enter to the formal living room with gleaming hardwood flooring through to the family room
• Spacious family room with fireplace and Australian mantel with gas log kit
• From the dining room, pass through the butlers pantry with wet bar, fridge and walk in pantry with glass pantry door
• On to the gourmet kitchen featuring Zodiac countertops island dining bar with Kohler black hi/lo sink, Triton dishwasher, Profile fridge with maple panel finish
• Upgraded maple cabinets with full melamine interiors, roll out drawers under cooktop, 36” Profile Electric Cooktop
• One master bedroom downstairs and one upstairs
• Crown molding and shutters throughout. Two tone paint
• Upstairs features the large master, open loft, 3 good size bedrooms, bonus game room and separate tech center
• Master bath features tile, jetted tub and separate shower, duel sinks and walk in closet.
• Duel zone heat and air with duel pane windows and ceiling fans for energy saving.
• 3,775 square feet of living space on a 6,969 square foot corner lot
• Built in 2001
• Close to Woodward Park and new school.
  

Brian Barringer

brian@tracyhomes.com

800.894.7282

Made by Brian W. Barringer in 2006 for
http://www.tracyhomes.com/ and http://www.blogger.com/www.tracyrealestate.blogspot.com

IMPORTANT: Cooling center in Tracy for Senior Citizens

Hello Everyone,
Please read this. It's very important information for our senior citizens. Pass along to your Tracy client base and ask them to forward to their friends and family. A big THANK YOU to Evleyn Tolbert for initiating this program!

Senior center to be used as Cooling center

(TRACY, CA) – With the weather forecasted to reach 100 degrees for at least two consecutive days, starting tomorrow, the City of Tracy will turn the air conditioned Lolly Hansen Senior Center into a “cooling center” for residents to escape the heat. The Senior Center located at 375 E. 9th Street, will be opened until 10 p.m.

Anyone looking to cool off is welcome to rest and stay out of the heat for free. Tracy firefighters will periodically check on the public at the cooling center to make sure no one is suffering from heat-related illness. Prolonged exposure to the heat can be harmful and potentially fatal, especially to the young and the elderly.

In the event of a forecasted heat wave, preparation is essential:

• Have a supply of water on hand to prevent dehydration, as well as ample sunscreen to
protect your skin against the sun’s harmful rays.

• Identify an air-conditioned location, such as a shopping mall, library, relative or friend’s home, or a City of Tracy “cooling center”, where you can find relief from the heat.

• Installing window shades and awnings to block the sun. If you have an air conditioner, make sure it works properly before the summer begins. If you don't have air conditioning, keep your windows open so fresh air may flow through your home.

When the temperature is predicted to reach 100 degrees for two consecutive days, the city will open the Lolly Hansen Senior Center.The center will stay open as long as there are consecutive 100 degree days. The public can call 831-4230, to see if Lolly Hansen Senior Center has been designated as a City cooling center due to excessive heat.

brian@tracyhomes.com