(EMAILWIRE.COM, June 20, 2006 ) Raleigh, NC -- $12 million dollars of North Carolina resort property is
scheduled for public auction in Raleigh. The ballroom real estate auction
event will be held at the Raleigh Marriott Crabtree Valley on Tuesday, June
27 starting at 6:30 p.m. Properties slated for auction include a single
family home on exclusive Figure 8 Island, five new waterfront town homes on
NorthWest Marina in New Bern, two deep water boat slips in Wilmington, five
newly constructed duplex condos in Carolina Beach and several waterfront
single family homes in beach communities north of Wilmington.

AuctionFirst.com is the local firm handling the sale. According to
vice-president Sarah Sonke, real estate auctions have been on a steady rise
in popularity throughout the country as a way of quickly transitioning real
estate. "A few years ago most people associated auctions with the sale of
celebrity homes or foreclosure situations," Sonke explains. "But now,
thanks to eBay, auctions are now a hot trend in the real estate sector. "
Sonke predicts that within five years, real estate auctions may become as
commonplace in the United States as they already are in Australia where the
majority of homes are sold by the auction process.

One reason for the increase in real estate auctions is that the process is
very seller-friendly. "For sellers, Sonke explains, "the benefits of an
auction sale include selling the property as-is with no expensive repairs
plus getting a purchase agreement that is a cash sale that closes in 30
days." Many properties that would normally sit on the market for weeks or
months can be sold and closed in less than 90 days. Another benefit to
sellers is that the buyer pays the company's commission and most costs
associated with the ownership transfer. In auctioning the properties -
except in the case of "absolute auctions" - a confidential minimum price is
set that needs to be reached in order for the property to be sold.

Many of the properties up for auction with AuctionFirst come from developers
and as referrals from local real estate agents. The slowing market has left
many builders and agents with a backlog of inventory. "Many of these
projects were ideas born during a much stronger speculative market that has
now cooled," explains Sonke. "An auction creates a sense of urgency
surrounding the sale that brings all interested buyers to the surface in a
very short timeframe." AuctionFirst works closely not just with developers,
but also with real estate agents and pays both listing and buyer agents a
commission on the sale. "An auction gives agents another tool in their belt
to help get the job done - what we call the Auction Option. It's especially
useful for sellers who are highly motivated and realistic about the value of
their property," says Sonke. David Hartman is a believer. His family
recently relocated from Durham to Baltimore for a job change. "I'm a
licensed real estate Broker in North Carolina and knew that it would
probably take at least eight months to sell my home because of its location
on a busy road. AuctionFirst.com sold my house in less than three weeks for
10% more than I anticipated." Hartman appreciated being in complete
control of the process which included knowing his exact closing date in
advance so he could coordinate the purchase of another home.

Sonke reports that interest in the upcoming Raleigh auction of resort
properties is strong with inquiries coming from as far away as California.
"Buyers from out of the area and even out of the country can bid online in
real time while listening to the live auction. That convenience makes it
easy for anyone to participate." Purchasing expensive resort real estate
sight unseen is unusual but according to Sonke it happens in the auction
business. "An oceanfront home in Nags Head recently sold for well over a
million dollars and was purchased by an investor in Tennessee who never saw
it. He relied on a local real estate agent to help him feel comfortable
about the condition of the property and then bid for it over the telephone.
Everyone was happy with the outcome." Auction buyers begin their decision
process by downloading detailed bid packages on each property from the
company's web site. This will include as much information on the property as
is available and includes the terms and conditions of the auction sale as
well as a sample of the auction purchase agreement. Scheduled preview times
are also included and prospective buyers are encouraged to visit the
properties with their inspector or contractor in tow and comb through every
nook and cranny.

AuctionFirst.com is a national auction company specializing in the sale of
real estate. The company has offices in North Carolina, Texas, Virginia and
Maryland. For more information visit http://www.auctionfirst.com
www.AuctionFirst.com or call 800-220-6760.

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Published by http://www.ASMarketing.com a division of http://www.AuctionServices.com and http://www.nationalauctionlist.com.

Contact Information:
AuctionFirst.com
Sarah Sonke
Tel:
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