experts: real estate column Wednesday, May 26, 1999

AUCTIONS

By Ozzie Jurock

There are a number of real estate auctions in the marketplace today ... but how do you buy there?

Principles when buying at an auction:

  1. Is the auction held by the bank or the developer?
  2. Does the auction have at least 20% unreserved bids?
  3. Preview and select 2 or 3 units before you go to the auction and have your finances ready.
  4. Watch out for a shill.
  5. If auction room is crowded, bid early and bold; If auction room is empty, stay back and wait.
  6. Come back after auction is finished and buy unsold units.

Limited Partnerships away from home ... or why people get scammed away from home:

Do you think those pioneers of the Scam/Sham milieu sold Florida swamp to Floridians? How many Phoenix residents do you think bought acreage out in the Arizona desert for more money than ground was selling for inside the city limits? Did the people in Beverly Hills pay ten or twenty or a hundred times what arid scrubland was worth just because it was a three-hour drive from Los Angeles? Of course not! If it's close enough to go and look at, when you do look at it you know immediately that no one in their right mind should buy it. But for the perpetrators there's an answer to the problem. Actually, it's easy. You sell the Florida stuff to Californians; the Arizona stuff to Floridians; the California stuff to New Yorkers; and anything you have left over you sell to Canadians.

(the above is an excerpt from Ozzie Jurock's Book "Forget About Location, Location, Location")




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