Today: Feb 19 , 2020

Public Auctions: How They Work in Arizona

23 May 2017   Red Arrow Real Estate
Falcon's Nest - photo by K. Lawrence

Public Auctions, Also Known as Trustee Sales, Are Sales of Homes That Are Open to Bidding by Investors

Auctions offer buyers a chance to purchase a home at a discount of that property's current worth at a publicly held auction.  Of current, particular interest to residents of Prescott, is the public auction of the “Falcon’s Nest”, the unique 6,200 square foot residence designed by architect, Sukumar Pal. It is described as the world’s tallest single family home. This unique mansion will be auctioned on May 25th, 2017 at 7 p.m. It’s listed for $1,500,000 and the bidding will start at $750,000.

Why Does a Home Go To Auction?

Any home can be put up for auction. It does not have to be a distressed sale. The main reason owners put a property up for auction is to get a quick result.

If Interested in Bidding on a Property, How Should an Investor Proceed?

Most winning bidders of a home at auction pay cash, but there are ways to get financing on a home going to auction. There are a number of caveats though, including whether or not the property at auction is a distressed sale or foreclosure. Discuss these details with your bank prior to the auction so you have financing and strategies in place.

How Do I Find a Local Public Auction? 

See Red Arrow's current properties, including auctions and foreclosures, here.

Red Arrow Real Estate is the largest independent real estate brokerage firm in the tri-cities area and has successfully represented clients since 1987. Our reputation for quality services is well earned. We provide buyers and sellers of residential, land, commercial, and investment properties with in-depth knowledge of the real estate market as well as the buying and selling process.