Legal Briefs
By Bruce F. Bronster, Esq., Real Estate Business Magazine, December 2006/January 2007
The Role of REALTOR'S® in Auctions
Bruce F. Bronster, Esq.
As real estate markets soften, auctioneers are increasingly tempting homeowners with the promise of a quick sale and home buyers with the lure of a great bargain. Before they go to an auction, however, both buyers and sellers should seek the advice of an experienced REALTOR® and an attorney. That quick sale or a great deal may come with unexpected risks. After the auctioneer declares the property "sold," both buyers and sellers may find themselves saddled with some expensive problems.
While private auctions account for just a small portion of overall home sales, residential real estate is the hottest growth area for the auction industry. Residential real estate auction sales grew 8.4% in 2005 to $14.2 billion and were up 4.4% in the first half of 2006, according to the National Auctioneers Association.
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