Napa Valley Address

Napa Valley Real Estate | Yountville Real Estate

  • Home
  • Blog
  • Listings
  • About
  • Contact
  • Home
  • About
  • Search ►
  • Yountville
  • Oakville
  • Napa
  • St. Helena
  • Rutherford
  • Calistoga
  • Angwin
  • Pope Valley
You are here: Home / Auctions & Deals / Can You Get A Deal At An Auction?

Can You Get A Deal At An Auction?

May 29, 2008 by Curtis Van Carter 3 Comments

Last Chance rang out several times before the inevitable dropping of the gavel and SOLD echoed through the Cow Palace room. Someone had made a successful bid of $460,000 on the property I most wanted to buy this last Saturday, April 27th, at the REDC Lender Foreclosure Auction of over 200 homes in the north Bay Area. Add to the auction price a 5% buyer’s premium a successful bidder must pay and the actual sales price became $483,000. The first thing you probably will ask, is this a good deal and my answer is definitely NO. In my humble opinion, this is full retail and with all the Seller’s onerous requirements needed to complete the purchase, especially the one sided sales contract, my maximum auction price was $350,000. Heck the lender had it listed in our MLS for $534,900 for over 80 days.

3 Hallmark CtThe home is a 2 year old subdivision home in one of the recently build communities in the City of American Canyon, Napa County and is 3,100 SF with 5 bedrooms and 4.5 baths. It still needed rear yard landscaping, several minor repairs including several fixtures replaces and window coverings, plus for renting purposes,  both a refrigerator and washer/dryer. My rough estimate to get it ready to rent was max $30,000 plus the loss of income for 1 month while doing the work. The comparable sales have several similar properties available for sale between from $490,000 to $520,000 and sold comparables from around $460,000 for slightly smaller homes to a high of $550,000 for similar quality, square footage and age homes. I decided to confirm my opinion of there being no great deal at the auction by looking at several other homes in different areas which sold and came to the same conclusion.

Some other things to consider:  To investigate everything about the property buyers only had 3 days approximately 1 month prior to the sale when the homes were open to the public. A successful buyer had to start the sales process within 10 minutes of the auctioneer’s saying sold. The deal is an AS IS sale and the buyer must waive everything about the condition of the property. You can’t even go back through the home to confirm the condition is the same as the day you previously inspected, nor do you have a right to withdraw from the deal should something happen to the property after you have entered into contract. The Seller can cancel the deal unilaterally if any of several events happen but the buyer may not and is stuck in this deal for at least 60 days until the Seller elects to cancel or you close escrow. No fun….

In the end, I felt attending this event was a great learning experience and well worth my time. And, there were a few good deals to be had, but only if you did your homework. You needed to investigate many properties, particularly those which needed some work, or may not be in the best areas. You needed to have discipline, a good bidding strategy and most of all expect to spent a great deal of time and energy finding the properties only a few others may bid on. If you did all this, I feel one could make $20,000 to $50,000 on purchasing one of these homes and who knows maybe more if the market ever turns and begins to appreciate again.

Share this:

  • Tweet

Related

Filed Under: Auctions & Deals, From Curtis

Curtis Van Carter, has been one of Napa Valley Real Estate's most knowledgeable and experienced agents. He has been characterized by his clients for his honesty and knowledge to make a home sale or purchase as smooth as possible. If you are interested in selling or listing a home please call or EMAIL Curtis here.

Comments

  1. Tracy says

    March 14, 2009 at 11:26 am

    Curtis, I’ve always been skeptical about these auctions, but never really have the time, energy, nor the expertise to find out. Thanks for writing.
    Tracy

    Reply
    • Curtis Van Carter says

      March 19, 2009 at 7:55 am

      Tracy
      If you are looking to purchase a home, a good Realtor is an excellent resource for knowing your getting a good deal in today’s market. Especially if you don’t want to do the due diligence, leg-work it needs to find one. If there is anything I can help you with, please feel free to email me. I am always happy to help.

      Reply

Trackbacks

  1. According to NAR 2008 Buyer and Seller Survey Only 6% of Buyers Purchased a Foreclosure | Napa Valley Address says:
    March 11, 2009 at 8:28 am

    […] https://www.napavalleyaddress.com/hello-world.html   Can You Get A Deal At An Auction? […]

    Reply

Leave a Reply Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Napa Valley Real Estate Search

Area Info

  • ,
  • Calistoga, Ca
  • Napa, CA
  • Oakville, CA
  • Rutherford, CA
  • St. Helena, CA
  • Yountville, CA

Latest Yountville Real Estate

  • $799,000 238 Vista Court
    Yountville, CA
  • $719,000 162 Vineyard Circle
    Yountville, CA
  • $1,295,000 1918 Oak Circle
    Yountville, CA
  • $684,000 6600 Yount Street #10
    Yountville, CA
  • $2,175,000 MLS # 22016903
    Yountville, CA
  • $1,649,000 13 Stags View Lane
    Yountville, CA
  • $2,798,000 1 Harvest Court
    Yountville, CA
  • $2,739,000 6526 Vista Drive
    Yountville, CA
238 Vista Court
Yountville, CA
Photo of 238 Vista Court, Yountville, CA 94599 (MLS # 22002917)
$799,000
Lot Size
1,307 sqft

Home Size
1,154 sqft

Beds
2 Beds

Baths
2 Baths

162 Vineyard Circle
Yountville, CA
Photo of 162 Vineyard Circle, Yountville, CA 94599 (MLS # 22003164)
$719,000
Lot Size
1,307 sqft

Home Size
1,154 sqft

Beds
2 Beds

Baths
2 Baths

1918 Oak Circle
Yountville, CA
Photo of 1918 Oak Circle, Yountville, CA 94599 (MLS # 22004298)
$1,295,000
Lot Size
5,663 sqft

Home Size
1,400 sqft

Beds
3 Beds

Baths
2 Baths

6600 Yount Street #10
Yountville, CA
Photo of 6600 Yount Street #10, Yountville, CA 94599 (MLS # 22011991)
$684,000
Lot Size
436 sqft

Home Size
1,054 sqft

Beds
2 Beds

Baths
1 Bath

MLS # 22016903
Yountville, CA
Photo of Yountville, CA 94599 (MLS # 22016903)
$2,175,000
Lot Size
6,534 sqft

Home Size
1,946 sqft

Beds
2 Beds

Baths
2 Baths

13 Stags View Lane
Yountville, CA
Photo of 13 Stags View Lane, Yountville, CA 94599 (MLS # 22022851)
$1,649,000
Lot Size
7,841 sqft

Home Size
2,176 sqft

Beds
3 Beds

Baths
2 Baths

1 Harvest Court
Yountville, CA
Photo of 1 Harvest Court, Yountville, CA 94599 (MLS # 22023497)
$2,798,000
Lot Size
10,019 sqft

Home Size
3,026 sqft

Beds
4 Beds

Baths
3 Baths

6526 Vista Drive
Yountville, CA
Photo of 6526 Vista Drive, Yountville, CA 94599 (MLS # 22028117)
$2,739,000
Lot Size
7,406 sqft

Home Size
3,100 sqft

Beds
4 Beds

Baths
3 Baths

  • 238 Vista Court
    Yountville, CA
    Photo of 238 Vista Court, Yountville, CA 94599 (MLS # 22002917)
    $799,000
    Lot Size
    1,307 sqft

    Home Size
    1,154 sqft

    Beds
    2 Beds

    Baths
    2 Baths

  • 162 Vineyard Circle
    Yountville, CA
    Photo of 162 Vineyard Circle, Yountville, CA 94599 (MLS # 22003164)
    $719,000
    Lot Size
    1,307 sqft

    Home Size
    1,154 sqft

    Beds
    2 Beds

    Baths
    2 Baths

  • 1918 Oak Circle
    Yountville, CA
    Photo of 1918 Oak Circle, Yountville, CA 94599 (MLS # 22004298)
    $1,295,000
    Lot Size
    5,663 sqft

    Home Size
    1,400 sqft

    Beds
    3 Beds

    Baths
    2 Baths

  • 6600 Yount Street #10
    Yountville, CA
    Photo of 6600 Yount Street #10, Yountville, CA 94599 (MLS # 22011991)
    $684,000
    Lot Size
    436 sqft

    Home Size
    1,054 sqft

    Beds
    2 Beds

    Baths
    1 Bath

  • MLS # 22016903
    Yountville, CA
    Photo of Yountville, CA 94599 (MLS # 22016903)
    $2,175,000
    Lot Size
    6,534 sqft

    Home Size
    1,946 sqft

    Beds
    2 Beds

    Baths
    2 Baths

  • 13 Stags View Lane
    Yountville, CA
    Photo of 13 Stags View Lane, Yountville, CA 94599 (MLS # 22022851)
    $1,649,000
    Lot Size
    7,841 sqft

    Home Size
    2,176 sqft

    Beds
    3 Beds

    Baths
    2 Baths

  • 1 Harvest Court
    Yountville, CA
    Photo of 1 Harvest Court, Yountville, CA 94599 (MLS # 22023497)
    $2,798,000
    Lot Size
    10,019 sqft

    Home Size
    3,026 sqft

    Beds
    4 Beds

    Baths
    3 Baths

  • 6526 Vista Drive
    Yountville, CA
    Photo of 6526 Vista Drive, Yountville, CA 94599 (MLS # 22028117)
    $2,739,000
    Lot Size
    7,406 sqft

    Home Size
    3,100 sqft

    Beds
    4 Beds

    Baths
    3 Baths

Previous Next
 

Napa Valley Info & Links

  • Napa Valley Sold 10/1/20to 12/31/20
  • Napa Valley Photos on Flirkr
  • Napa Valley Videos
  • Yountville Sun Front Pages
  • Yountville A Personal Perspective
  • Detail Neighborhood Info About Yountville
  • Detail Neighborhood Info About St. Helena
  • Detail Neighborhood Info About Calistoga
  • Detail Neighborhood Info About Napa
  • Detail Neighborhood Info About Angwin
  • Detail Neighborhood Info About Oakville

Categories

About…… Curtis Van Carter

Curtis is one of Napa Valley's most experienced and trusted real estate agents.

Follow Curtis

  • Facebook
  • Google+
  • LinkedIn
  • Pinterest
  • RSS
  • Twitter
  • YouTube

Recent Posts

  • Yountville, Napa Valley, Weekly Real Estate Update January 15, 2021
  • St Helena, Napa Valley Weekly Real Estate Update January 13, 2021
  • Calistoga, Napa Valley, Weekly Real Estate Update January 11, 2021
  • St Helena, Napa Valley Weekly Real Estate Update January 6, 2021
  • Calistoga, Napa Valley, Weekly Real Estate Update January 4, 2021

Napa Valley Info & Events

  • Napa Valley Sunday Open Houses
  • Napa Valley Sold 10/1/20 to 12/31/20
  • Upcoming Napa Valley Events
  • Useful Napa Valley Links
  • Napa Valley Photos on Flirkr
  • Napa Valley Videos
  • Yountville Sun Front Pages
  • Yountville A Personal Perspective

Our Services

  • Short Sales
  • Foreclosures
  • Home Listing
  • Buyer's Broker

Contact

Better Homes & Gardens
Wine Country Group
707.944.0421 office
707.815.8584 cell
DRE # 00770113
  • Home
  • Blog
  • About
  • Listings
  • Contact

© 2021 · Napa Valley Address · Built by Varick Design