Create Your Own Bid On A Property

Another instance of how far doing your research homework could take you is in this scheduled upcoming auction in Florida. Two luxury condos are hitting the auction block for just over one-third of their current estimated value. Even if renting them out is not allowed, there are several exit strategies to choose from even if competing bids take the purchase price to 60%. 

The first step is to find out as much as possible about each unit, especially why they are going to auction instead of being listed in the traditional way. Although in the same auction setting, the reasons may be different for each unit and make one more attractive to bidders than the other. However, if that happens, it can be worth exploring both opportunities separately. Why?

If one opportunity has a clear lead over the other, the first one may attract the majority of bidders. Having little to no competition for the “second” condo could result in an even better deal. The hundreds of thousands of dollars potentially saved without competitive bids could cover the added costs of preparing a property for the chosen exit strategy.

Creative strategies may be able to be implemented upon acquisition. For example, if these condos cannot be rented out, perhaps a “rent to buy” situation could skirt the issue. (I don’t know in the case of these properties, but it should be part of the research to find out.) If not, there are likely several seller financing options to increase the profit potential. 

Sometimes it is worth bidding (if you have the resources available) to be able to get the results and eventually find out who the winning bidder is and what their eventual strategy is or was. That is the type of information that becomes valuable for future auctions and potential purchase situations in the same property or area.

As my clients and students know, the majority of the opportunities you research thoroughly do not pan out. The value of knowing exactly why they did not pan out and comparing it with the eventual results of the deal can prove well worth the time investment over the long haul. Let me show you how.

 

https://www.einpresswire.com/article/799525095/two-waterfront-sarasota-fl-properties-to-be-sold-at-online-auctions-beginning-april-14th