How Do Real Estate Auctions Work?


“Most of the people will prefer the traditional way of shopping for a real estate property. Others will choose a different route- an auction. An auction may be a better option to get a good property at low cost.” said Dylan Gregore from One Percent Realty agency in Vancouver, British Columbia.

A real estate auction entails a public sale of residential property. Any auction causes tension, real estate auctions included. To minimize the stress associated with the sale, understanding the auction procedure helps a great deal.
A licensed auctioneer handles the property sale. The auctioneer guides the process of transacting real estate properties, offering it to bidders. The auctioned property goes to the highest bidder.

Disposing of a real estate property is not a walk in the park. Many sellers prefer involving an auctioneer to avoid the frustrating process. Some of the benefits of an auction include:

  • The seller is not involved in the negotiation process
  • It reduces time spent on purchasing the property
  • Buyers determine the price
  • Accelerated sale

Here is how the real estate auction day will unfold:

Before the auction

The property and agent should agree on the day of the auction. Determine factors such as the reserve price, the vendor bids, and any legal obligations and implications. Do not hesitate to ask any auction-related queries.

Engagement rules

Half an hour before the commencement of the auction, the real estate agent should display the documentation of the property. It is a requirement by the law.
The agent will make announcements about the information, and the state laws applying to the real estate auction. For instance, will the vendors” bid or co-own bids are applicable. It is important to note auction rules vary from state to state. Make a point to discuss that issue with the agent before the sales day.

Opening bids

The auctioneer will ask for opening bids. He/she will start by setting an amount by which all bids will raise, for instance, $1000 increment rate. Alternative bid amounts are allowed. However, that discretion lies with the auctioneer.

The auction begins:

Going once

After setting the reserve price, based on the “market price,” the property will be sold to the highest bidder. If the reserve price is not determined, the auctioneer may ask the property owner if they wish to sell the property at a lower price. It should be done privately, though! Once the final bid is reached, and the seller loves the price, the auctioneer will say” going once, going twice, going thrice…” If no further bids are offered, the agent will declare the property “SOLD.” which is exactly what happened when Tim Burch recently purchased a pair of Olympic Village Condos For Sale.

Can I see the money?

The interested buyer should make an immediate deposit of 10 percent of the purchase price. It should be paid immediately after the auction. The remaining balance is paid within the 30, 60, or 90 days after the auction day. Once the sale is complete, the seller and the buyer sign the contract. Relevant cheese transfers are made at this point. After sealing the deal and the remaining balance of the property cleared, we can declare the property officially sold.

Are realtors necessary when purchasing a home?

custom-home-real-estatePurchasing a home is a big deal. In fact, acquiring a new home is the most expensive purchase an individual will ever make in their lifetime. This is a serious transaction that will also come with both financial and emotional ramifications. Because of this, proper representation is critical, and that’s where realtors come in.

You see, realtors are not just agents. Instead, a realtor is a professional and a member of a National Association, and thus they subscribe to the organization’s strict code of ethics. So if you’re wondering whether or not involving a realtor is important, these reasons will give you a definite answer to contact a realtor when buying or selling your property.

The industry has complex regulations

Buying a home is not like purchasing a plane ticket. That’s because every state has its unique regulations, plus every home is different. Generally, people acquire new homes in every 7-10 years. During this time, laws, practices, contracts, and regulations change a lot. Realtors stay current with these changes, meaning if you involve them, they will somehow put this knowledge to work in your favor.

Pricing and selling property

The internet has many sites where you can compare and view prices before knowing the price for which to buy or sell. However, conducting a transaction on these sites is a risk because most of them rely on outdated data and tax records.

But if you opt to use a Realtor service, you will be guaranteed of a fair purchase of a home that is not overpriced for the features it has. Realtors have up-to-date sale data, and they know every corner in town.

Contracts & Negotiations

Once you find a home, you will be required to deal with paperwork. A typical contract can have as many as 50 pages. It’s a legal document that can sometimes prove to be very difficult to understand. But a realtor can help navigate through the complex documents to come up with a good price offer. Again, realtors are good at negotiating prices. They can add an objective voice to a very subjective situation which works to your advantage.

Finally, a realtor will help you secure the best home

As many as 90% of potential homebuyers begin their search on the web, and some will go so far as to look at a realtor’s Facebook page. However, this does not guarantee that they will end up with the best property that their money can get. In fact, it is not possible to know all the pros and cons of a property if you don’ involve someone who is experienced.

Because realtors know all property within their vicinity, they can reveal some information that you didn’t know concerning homes in a specific area. They can tell you the common problems that homes built in a specific area often face, and this can save you from potentially buying a property that you will regret owning.

So when you go to a realtor, you’re not just getting recommendations based on square footage of the property and number of bedrooms. In short, you cannot make this decision on your own. Unless you want to gamble with your money, it’s not recommended that you go it alone. Take a look at for more pros and cons of using a realtor to buy a home.

The Benefits of Hiring a Maid Service Before You Move Out

move out cleaning

Moving can be a stressful time in your life. You may be excited about the prospect of moving to a new place, but you have so much to do. During your move, even if you hire a mover there are certain things you need to handle yourself. One of the tasks that many people overlook, until the last minute, is cleaning the house before moving out.

If you have sold your home, then you need to have the house in move-in shape for the new owners. If you rented your home, then you need to make sure the house is in good condition. Either way, cleaning up your home is one more task to add to that long list of things you have to do. However, you don’t have to do the cleaning yourself.

Hiring a maids can help to free up your time so that you can do other things. Maid services can provide the deep cleaning you need to have the house ready for you to move. However, the time you save is only one benefit of hiring a maid service; there are several more.

A Maid Service Can Provide a Professional Level of Clean

Many people have never caught the cleaning bug. Most people can do a good general cleaning but cringe at the thought of doing a thorough Spring cleaning. When you move out, you need to do a thorough clean. Even if you had the time, most likely this is not how you’d like to spend it. A maid service can give you that high-quality clean without you having to put forth any effort.

A Maid Service Will Provide the Cleaning Products

Most people have a cabinet full of cleaning products. Some they probably never opened, or only used once or twice. People rely on their all-purpose cleaner to clean everything. A maid service knows that some products can clean certain surfaces better than others which means they can get the surfaces in your house cleaner than you ever could.

A Maid Service Can Clean When You’re Not There

The best time for a maid service to clean your old house is after the movers have removed your belongings. The house will be empty and ready for the new owners allowing the cleaners access to all areas of the home to ensure the house is thoroughly clean. Going in after the house is empty also means they can clean up any dirty or dust left behind during the moving process.

A Maid Service Can Save You Money and Aggravation

In the case of a renter, an improperly cleaned home can cost you money. Your landlord can deduct the cost of cleaning your home from your security deposit. By hiring a cleaning service, you can ensure that you are charged for the work that was done. The maid service can also confirm that the property was left in good condition.

Importance Of Accounting In Real Estate

It won’t be wrong to say that a business cannot work without proper accounting. An accounting department is a must for every business, whether big or small. Accounting department not only keeps track of all the financial transactions done by the business but it also provides an accurate financial picture of the firm at any time. In simple terms, the accounting and bookkeeping department is a necessity in any industry and real estate sector is not an exception.

The accounting needs to be accurate and efficient. The best way to make sure that accounting is done in the right manner is to hire the services of an expert in the industry.

As far as real estate accounting principles are concerned, these are mostly similar to the accounting principles and strategies followed in other sectors, but some principles are unique to the real estate sector. However, it is important to keep in mind that accounting in real estate is a complicated job, and therefore, one needs to hire an accountant who has experience in this industry.

There are some different methods used for real estate accounting to keep track of various deals. Sometimes, the principles used in real estate may be distinct from the accounting norms followed in other industries, and this is the reason that it is recommended to hire the services of an experienced person for the job of an accountant in a real estate firm.

The role of a real estate accountant includes maintaining the ledger books, balance sheet, a record of the credit and debit transactions and a variety of other things. The accountant is also responsible for making accurate reports that provide a complete picture of the financial state of the firm to investors and management. These reports are used by investors for taking several important decisions. Therefore, the accuracy of the information contained in these reports is crucial.

These reports are not only used by shareholders and stakeholders but also by debtors and creditors such as banks and loan agencies who need a clear picture of the financials of the company to make sure that they will be able to get back the loaned amount. Similarly, these reports are also used by prospective investors who want to buy a stake in the company, and they make this decision by information provided in the books of accounts. The taxes are also decided by information provided in the books of accounts.

These days, some firms prefer to outsource their real estate accounting work. Some companies specialize in real estate accounting as it’s a very complicated process. One of the benefits of outsourcing is that accounting can be done at a cheaper rate, but it is important to hire the services of a reputable outsourcing firm to make sure that the accounting follows the accepted principles of real estate accounting.

Overall, real estate accounting is paramount to provide an accurate picture to the various stakeholders in the company. Therefore, it is important is either hire the services of an experienced accountant or outsource the work to a reputable accounting firm.

Sky Las Vegas Condominiums: The Benefits

a015-1Are you looking for a luxurious place to live? Have you created a checklist of what you want that contains plenty of space, rooftop garden patios, and more? The Sky Las Vegas Condominiums offer everything you want in a place to live and then some. Continue reading to learn about the great things Sky Condos have to offer.

How about some fun? If you love it as much as we do, you are in luck. Sky offers a fabulous outdoor area with over an acre of garden space, pool, a barbecue area, a dog run, a putting green, and a swimming pool. The indoor amenities are just as spectacular. You can enjoy a private screening room, valet parking, a spa with fitness center, a private meeting room with business center, a billiard room complete with bar, state of the art security, concierge services, and a social room that overlooks the famous Las Vegas Strip.

Yes, the Sky condos are pretty special, they are the first luxury condos that are located directly on Las Vegas Boulevard. Luxurious amenities along with the perfect location on the strip make us the most desired property for those who want the option of world-class dining, shopping, and entertainment right outside their front doors.

As you can see, if you want the best of the best, Sky Las Vegas Condominiums are a great option. The location is in the prime spot of the city complete with amenities that you cannot find anywhere else on the strip. When you want to live in the lap of luxury, do not hesitate to visit the Sky condos and see what they are all about. You will not regret the time spent learning about the spectacular living option that offers luxury in the middle of world-class venues.

Tips For Inspecting Mold In Your Home

House_moldIt is important that you understand and recognize potential mold problems if you are considering purchasing an older home. It is also vital that you get the seller’s disclosure for any issues with mold that you may not be able to see.

You would be hard pressed to find anyone who would voluntarily want to buy a house that has a known mold issue. The downside is that it is not always easy to detect these tiny spores with the naked eye. When you are house hunting, you must be aware of the signs of a mold issue and ask for the seller’s full disclosure on any potential mold issues.

Why Is Mold An Issue In The Home?

Most people are aware that mold is a fungus. This fungus can come in several different colors including gray, white, black and green. It also grows in various shapes. Although some types of mold are very visible and may even emit an odor, mold can also grow in hard to reach areas such as under carpet and between walls, attics, basements and ceilings.

The fungus thrives in moisture rich environments and can survive even in a slightly damp environment. In fact, there are several places in the home where there is a potential for mold to grow. These areas include:

  • household-moldLeaking pipes
  • Windows
  • Roofs
  • Homes that have plants that have been overwatered
  • Homes with poor ventilation

Not only is mold unsightly and cause create odor, but it can also cause those who live in the house to experience health issues. Respiratory issues, seizures, rash and even death can result from mold exposure.

How To Find Mold In Your Home

Unfortunately, you may not know that the home you want to purchase has mold. However, there are several easy steps that you can use to make the process easier.

An expert in the field (Safety Coordination Services) states, “One of the first things that you should do is look out for mold. Take the time to look for any visible signs that there is mold damage in the home. Standing water, water marks on the walls and musty smells are all indicators there may be mold in the home.”

The next thing that you should do is have the home inspected by a professional home inspector. Although it is not an inspector’s job to look for mold, they will mention mold damage if they see it during the inspection process.

You want to be careful buying a home that has potential mold issues especially if you have young children, an older parent or someone with respiratory problems living in the home. Consider the pros and cons and make a decision based on your needs.

How To Find A Property Management Company

Finding a good property management company can be a difficult task for any property owner with residential living spaces on their property. It is not the easiest task to handle, as any property owner who has done so will tell you, and the prices of these companies seldom come cheap, often to the tune of 5 to 15 percent of all profits earned from tenants on the managed property. Still, property owners are able and quite willing to hire these professional contractors for some reasons, ranging from living too far away to having too many residential properties to manage effectively on their own. For these property owners, a property management company is an attractive option.

But finding one of these companies is seldom the easiest task. They do not advertise very widely as their services are quite specialized, with a small niche market (such as focusing in on something specific to, say, the Mesa location) and a focused set of services. Still, it is more than possible to find one of these companies if one is willing to look.


Naturally, one’s network of contacts, friends and associates is perhaps the best place to begin looking for a skilled property management firm. Your colleagues in the business of renting residential properties are a great place to start, as even the ones who do not hire property managers themselves likely have other friends in the business who can strongly recommend a company to you. Additionally, if you know any real estate agents in your network, it is likely that they may also know a good company for you to hire. If your area has an apartment association or similar organization dedicated to rental properties, consulting some of their numbers is a fabulous idea for finding a good property manager, as these organizations live and die by their contacts, which quite often include local property management firms.

Ascent Real Estate suggests, “If your network turns up nothing, an internet search is likely a good backup option. However, again, few of these companies advertise very widely, making a typical search engine a dubious proposition for finding one of these professionals. However, help is available to property owners in the know.”

The Institute of Real Estate Management also knows as IREM has a website where they post many things of interest to real estate owners and managers. In particular a number of resources free for anyone to use, such as the latest happenings in the real estate market to information about credentials to work in the real estate industry. They also include an online marketplace where real estate related companies can advertise their services among a group of people who will likely need them. Among these services are property management services; clicking on “Find a Professional” on their website,, will lead to a wide variety of real estate professionals capable of helping you with your property.

Another online option is NARPM, short for National Association of Residential Property Managers. NARPM’s website, containers some listing for property managers across the United States. It is more than likely that their listing container property managers in your area, and if there are multiple such companies in your area, NARPM will contain information that will help you decide which one to use.

When you have found a likely prospect to hire, you’ll want to interview each of these companies and ask every question relevant to your property interests that you can think of. Finding a knowledgeable property manager is important for property management going smoothly and a property manager who can’t answer your questions regarding the situation with your particular property may not be the best one for you to hire.

Questions To Consider When Hiring A Realtor

Hiring a realtor is an interesting process because you will have millions of questions racing through your head. It is important to ask as many of them as you can. There are a few matters that are more important than others, and they should be requested about right away.

You don’t want to be a client that is not ready to ask questions because you will lose value in the process. You have to be willing to engage.

Here are the five questions most people talk about when it comes to your realtor and what is important.

1) How Many Homes Have Been Listed Under Your Name?

realtor selectionThis is a great starting point because you want to see how they have done in the recent past. Don’t start asking about homes that were sold five years ago because the market will have changed since then. You want a current example of what they have done which becomes easier for you to judge how good they are and what you will get from them when the hiring takes place. It is a reliable way to get in line with what they can offer you.

2) Are You Accredited?

You want to know what certifications they hold and if they are a member of significant real estate associations. There are many of them in most areas, and you want to find a realtor that is in tune with what is going on. You don’t want a broker that is just having fun and listing houses because they like how things work.

You want people who are fully committed to the process and are hoping to join new memberships and make sure their credentials are reasonable. You want this to be the case with any realtor you talk to.

3) What Is Your Take On Open Houses?

You will be surprised how many realtors are not as happy about open houses as others would be. You have to first figure out what your position is on the matter which can make it easier when you are asking the question. You will be able to guide them on what you want which is why clients have to be certain.

You have to look at their policies and then see if that is how you want to sell the house when it goes on the market eventually. You don’t want to have a fight about this later on.

4) How Long Do Your Houses Stay Listed?

The length of time houses stay listed is one of the important questions you are going to have. You want to know how long their houses remain listed on the market once the process begins. Does it take them months to make a sale every time? Are they all over the place with how long it takes?

Are they able to make the sale in a few days?

These are questions you want to know about, and you should be doing research on the matter as well before you sign up with a realtor.

5) How Will You Help Me?

Asking how they will help you is such a simple question, but you have to ask it. You don’t want to be a person that is not willing to ask how they are going to help you. Sure, you might have an idea of how they are going to assist, but do they have the same approach?

You want to know what the game plan is going to be, and then you will be able to sign up.

You don’t want people who are not going to help you out right away.

These are things that you want to be asking realtors when you are signing up. You want to be going with a realtor that is efficient and on top of the market. Some realtors are not good because their clients are not asking the right questions.

Be a smart client and save yourself the trouble of hiring someone who is not as good as you want. Why hire people who are not going to sell the house quickly?

Ask these questions and set the foundation for what you are going to need when it comes to the selling process. You want to be prepared.

Pros and Cons of Building a New Home Versus Purchasing Older Homes

Are you looking for a new home? If so, you might want to consider building a brand new home versus purchasing an older home. There are many different factors that you are going to want to consider if you are trying to decide between the two. In this article, we will be going over some of the pros and cons of building a new home versus purchasing an older one.

Pros and Cons of Building:


new-home-designs-awesome-with-photo-of-new-home-ideas-fresh-at-ideas1. Design Flexibility.

One of the biggest advantages that you are going to get when you design your home is the ability to be flexible with the design. For example, when you hire experienced bungalow builders, you are going to be able to effectively design it the way that you want to and the way that is going to work best for you and your family. This means that you can choose what goes where and how big or small it is. This is going to ultimately allow you to build the home of your dreams and the optimal layout for your family.

2. Cheaper To Operate.

Because you are going to have the ability to choose what to build the home with, you are going to be able to choose energy efficient construction materials and the like which will allow you to operate the home much better and more efficiently. For example, you could install solar panels on your roof on a brand new home which would allow you to save a tremendous amount of money on the electricity bill.

3. Warranties.

When you build a brand new home, you are going to be able to get a lot of warranties on various things in your home. All of the appliances and everything in it will be brand new. Therefore, you will be able to rest easy knowing that if anything breaks – you will be covered.


1. Expensive To Build.

The fact is, building your home is going to cost much more than purchasing an existing one. This might be a deal breaker for some depending on your overall budget.

Pros and Con’s Of Buying:

1. Availability.

One of the biggest advantages of buying an existing home is the fact that it is already completely available and ready to move in. It is very likely that the home is either completely ready to move in at a moments notice or it is going to be very soon.


buying-old-house1. Dated Design.

Another negative about buying an existing home is usually they have dated designs because they were constructed a long time ago. Therefore, you are going to have to work with what you have.

2. It’s Been Lived In.

Because the home is not brand new, it has been lived in, and it likely shows a good amount of wear and tear.

As you can see, there are many different pros and cons of buying an existing home or building a brand new one from scratch. You should choose whichever fits your needs and your budget.

Value Of Hiring A Good Mortgage Broker

A mortgage broker is an option people have when hoping to finance their home. You want to find a great deal, and it is not easy. The lenders are going to squeeze you, and that is tough when you are already struggling. You want to find a great deal, and it begins with a professional to help you.

Mortgage brokers have tremendous value and are appreciated for what they bring to your life.

Here are the four things people list when it comes to mortgage brokers and their value to the cause. When you hire the right one, it is going to make a noticeable difference.

1) Have established Relationships With Lenders

These brokers are going to have set up relationships with lenders in the market. They will know who is good and who is not. They will know what is favorable for you and how to manage a great deal. They will list it all out in a few seconds which is what you want because they understand you are rushing and want to get a good deal.

They will showcase what is being provided and how it will be able to help you. These relationships are a big part of their appeal to the average client.

2) Quick

mortgage-renewalLet’s assume you have found a suitable property and that is the one you are looking for. You want to sign up and get things rolling, but you don’t have the mortgage in place. What are you going to do? You will run and start panicking to get a good fit.

Most people make the wrong decision when this happens because they don’t want to lose the property at any cost which is where a broker can help because they can speed things up as most of the foundational research is already done. They have a real inkling of what is out there and can lay it down for you to assess.

3) Qualified To Do The Job

These professionals are trained and will have studied to understand what it means to be a broker. They are not individuals who are just developing relationships and assuming this is enough. They learn how to negotiate and build connections that will help clients which is powerful because the average client is not aware of what is happening in the lending market.

You will be able to hire someone who knows and works in this industry every single day. They will be trained and ready to assist immediately, and that is beneficial.

4) Greater Access

These brokers will be aware of the landscape when it relates to mortgages. You have to think about the access you are going for and what it provides. Some people don’t go for the right type of access, and that is the worst thing.

You want to think about the access that is out there and then move forward. A good broker is going to ensure you are having everyone looked at even those you were not aware of.

Mortgages are challenging, and you want to be a person that got a good deal. You never want to be an individual who was duped because that is tough to swallow. Most people end up spending 25 years with their mortgage.

Is this an objective reality for the average person that wants a good deal? It is not and that is what becomes a problem. You want to go with a reasonable mortgage that is going to provide you with something to lean on when buying a property.

Mortgage brokers can find you the right fit.

Simple Do’s and Don’t’s for Selling a Home

If you are considering selling your home, don’t invite any potential buyers over before reading the following simple download’do’s” and ‘don’ts’ that are sure to send customers running for their checkbooks — you may even decide to keep the place for yourself.


-Forget to Paint

No improvement will bring you the greatest return on investment as a new coat of paint. Even if you had some personal tones that you feel look good with the house, you could significantly lower the initial asking price if your home presents smudges, scuff marks, and fingerprints. A fresh coat of paint can dynamically improve home appeal.

-Try to Sell ‘Retro’ Appeal

When looking over your home consider the difference between ‘vintage’ and ‘dated’ — one is good and the other appalling. For light fixtures, furniture and styles to be considered ‘Vintage’ they must be over 75 years old and still look good, Anything over 5 or 10 years old is dated. Remember; that retro is not a style people like to buy into. Don’t spend too much here, though, a light fixture or two and maybe some pieces of IKEA furniture and, VOILA.
-Address the Bathrooms
The bathroom is one of the rooms that gets a lot of action and deteriorates quite quickly. A brand/new looking and smelling bathroomnew-new-bathroom-idea-wallhomexyz-new-new-bathroom-idea is GOLD. But don’t remodel, get a steam cleaning company to attack the tile and grout and stains along the porcelain. Tear out anything that is in severe condition. A splash of paint here and there and you’re ready to go.

-Mirrors, Mirrors
A strategically placed mirror can make a corridor seem endless, and a small living room feel like a dance hall. Mirrors are also considered Feng Shui ‘pills’ and can significantly improve the positive energies of the home. An entrance way with a large mirror is more inviting as well. All this enhances the charming feel of a home.