Idaho Real Estate- Auctions- Boise Metro

Welcome to your one -stop resource, updated weekly, for live & online real estate auctions in Boise and SW Idaho areas for homes, condos, townhouses, investment properties, lots and land.  These are NOT high-risk trustee sale foreclosure auctions held at title companies, where you must pay cash with little or no opportunity to inspect the property. Nor are they "pre-foreclosures" that MAY be for sale in the future.

Winter is not auction season, but there are a few out there. Contact me (208)866-3481 for information on upcoming auctions and professional representation, usually paid for by the seller- you'll always know before you go. 

See Upcoming Boise Area Auctions Listed by Realtors -including all types of property in SW Idaho, sorted from low to high price. Most auction homes and real estate are listed by Realtors in the MLS, but not all.  The rest will likely be found on the websites of the following auctioneers:

auction.com Live and internet auctions for homes and real estate nationwide. 
corbettauctions.com   My favorite local auctioneer- very professional.  Live auctions for local homes and real estate, storage liquidations, personal property, business equipment, estates, benefits and fund-raisers. 
downsauction.com   Live auctions for local homes and real estate, moving sales, estate sales.
musickauction.com   Live auctions for Idaho homes and real estate. 
williamsauction.com   Live and internet auctions for homes and real estate nationwide.  

HUD homes are also sold by auction via closed bids. HUD gives home buyers priority over investors, will pay closing costs, and HUD homes are priced to sell quickly. HUD homes are also appraised in advance and offers include inspection & financing contingencies and smaller deposits.

Absolute or Undisclosed Minimum?  There are many variations on live real estate auctions.  It is important to know what type of auction it is.  Absolute means it will be sold regardless of price.  Some auctions have set minimums disclosed in advance. Others have an undiclosed minimum, sometimes called a reserve- this means you could win the live auction, but not get the property because the winning bid is below the minimum.

Buyer's Premium Explained.  Most real estate auctions require the winning bidder to deposit 5% non-refundable earnest money upon winning the live bid.  This 5% is added to the live bid price.  For example, you bid $100,000 and the auctioneer says "Sold!" Then the buyer's premium is added and the actual sale price is $105,000.  A wise bidder calculates this in advance to know their maximum live bid.

Pros and cons of buying real estate at live or internet auctions:

Pros-  Bargains!  A great bargain outweighs all other considerations. 
           Fast Process.  A small window to bid only for attendees does reduce your competition. No waiting for a seller to answer. And most auctions require you to close in 30 days. 

Cons-  High-pressure Atmosphere.  The ideal situation for a buyer is to have no competing offers.  Auctions encourage heat-of-the-moment competition and reduce your bargaining power.
            More Money At Risk. Auctions typically require a large non-refundable deposit with no contingencies or "escape" clauses.  In contrast, most normal purchases require only $1,000 earnest money, usually refundable if you find major hidden defects in the inspection or if financing falls through. 
            Higher Risk For Buyers Getting Loans.  The property must also qualify for your loan.  If the appraisal comes in low or any repairs are required or you fail to qualify, you will likely forfeit your larger than normal deposit. For these reasons, auctions are best-suited for cash buyers, which can also be a positive by reducing your competition.
            Highly Advertised.  Don't expect to be the only one there.  Most live real estate auctions are advertised months in advance. Many are listed in the MLS with a zero price, causing some buyers to think they can buy for pennies and increasing exposure to buyers in all price ranges.  
             

Whos On Your Side?  Not the auctioneer. The way agency works in Idaho, the listing agent can not fully represent you because they already work for the seller.    Luckily, most auctions include a fee for a buyer's agent to represent you and only you.  Under Idaho law, your agent is required to disclose adverse material facts, work only in your best interest, perform the terms of your contract, account for all monies, keep everything except sale price confidential and protect you every step of the way.  

(208) 866-3481  Contact me today for more information and professional help on auctions in Ada & Canyon counties including Boise, Meridian, Egle Star, Kuna, Nampa, Caldwell, Middleton and smaller outlying cities.  Not just an agent, Repoman- Dan Rowe is a licensed real estate broker in the state of Idaho and Realtor in good standing holding the following designations: Accredited Buyer's Representative, Certified Residential Specialist and Graduate of Realtor Institute.

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