Archive for October 20th, 2009

“Help Me” Rhonda Helps Client Win Big at Foreclosure Auction

October 20th, 2009 categories: Buying your Home, Market Trends, Real Estate Deals, Real Estate News

Well shut my mouth — for two days prior to the auction I was a wet blanket ninnie, raising one red flag after another – concerned that Rhonda (and her client) might be in over their heads (or worse)! Well I couldn’t have been further from the truth – Rhonda (as always) had done ALL her homework and she was ready…but I think what happened next surprised everyone including the auctioneer!

It was only the weekend before that Rhonda had helped her client find the perfect house in one of Charlotte’s hottest surrounding areas Mountain Island Lake. Alas the home was in foreclosure and scheduled for auction (a side note: both Rhonda and her client expressed regret that such a magnificent home and the family who lived there had fallen into such hardship – tempering the joy of finding such a deal) Nonetheless the home was going to be auctioned and all the better if another family could buy the house and bring back that joy!

So Rhonda went to work quickly preparing herself and her client (who lives out of state) to bid at the Hudson and Marshall auction last Thursday. Rhonda had less than a week to do all the things that a good Realtor needs to do on a foreclosure property; scheduling a full home inspection, running a meticulous Comparative Market Analysis (CMA) plus all the legal (power of attorney) logistics involved with bidding on behalf of a an out of state client – that’s right Rhonda was to be the one raising her (well manicured) hand committing to hundreds of thousands of dollars!

So fast forward to the auction a rainy Thursday night — unless you’ve been there you have no idea how fast and furious a  foreclosure auction can be. Along for moral support I watched as Rhonda deftly played the bidding like a pro — patiently waiting as three other bidders ran the price up from $100 to $200 then $250 – joining in and ultimately winning the auction at a stunningly low price of $355,000. We won’t say what the client was willing to bid but it was not $355,000.

Coincidentally WCNC TV’s Bobby Sisk was doing a story about foreclosure auctions and they visited this home (see video here) to talk about the dos and (mostly) don’ts of buying foreclosure properties. The (well experienced) listing agent Sandy Coyer talks about the 6000 square foot property which originally sold for $700K being offered at $425,000. You will also see Rhonda’s inspector Paul King (dutifully checking every nook and cranny) who just happened to be there during the filming!

Oh and the really good news we learned today the BID was accepted and Rhonda’s client will be closing in November — just in time to bring the joy of the holidays back making this magnificent house a home once again! Oh and a shout out to Hudson and Marshall who were nothing but professional and made the whole experience exciting and enjoyable.

Authored by Donna Johnston | Discussion: 3 Comments »