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Thursday, August 28, 2008

Auction September 20-21 by NRC Realty advisors offers almost 400 new homes and properties

Source: The Flint-Genesee County Legal News
Building on the success of an April, 2008 auction for two Southeast Michigan builders, NRC Realty Advisors will auction nearly 400 new homes and residential lots, located throughout Southeast Michigan, on behalf of 20 area builders and developers. The auction will be at 10:30 a.m. over two days: Saturday, September 20 at the Indianwood Golf and Country Club in Lake Orion and Sunday, September 21 at the Diamond Center at the Rock Financial Showplace in Novi.

Twenty-seven single family homes, 91 condominiums, executive golf course lots, approximately 250 development-ready subdivision sites and bulk subdivision lots range in location from Lapeer to Dundee, with two properties located in Harbor Springs and Higgins Lake. A 5,750-square-foot Rochester home, originally priced at $1.67 million, will be auctioned separately, on Saturday, September 20 at the home in a by-invitation-only event.

"In distressed real estate markets such as Detroit, buyers have been able to pick up tremendous bargains when they buy at a real estate auction," said Laurie Tarver, senior vice president of NRC Realty Advisors. "These are great, brand new homes for sale, in a range of sizes and original price points that offer something for everyone, from renters becoming first time buyers, through those moving up for the first or second time and even to empty nesters. The builders want to get these homes off their books this year and are prepared to slash prices to move them quickly," Tarver said.

Bidders must provide a cashier's or certified check as a deposit. All properties are offered "as is," and all sales will be final. Registration begins at 8:30 a.m.

NRC will hold a How-To-Bidô seminar on Monday, September 8 at 7:30 p.m. at the Auburn Hills Marriott Pontiac at Centerpoint in Pontiac. Five lenders are providing financing for properties in the sale, and some will be at the How-to-Bid Seminar on the 8th to prequalify bidders for loans. A number of qualified home builders will be available to discuss building new houses for prospective buyers of home sites being auctioned.

"You can get a great bargain at an auction, but you absolutely must do your homework,"Tarver said. "These properties are sold as-is. Some are incomplete or do not have a certificate of occupancy. Inspect every property you're interested in; maybe even bring a professional inspector. Talk with a lender and get pre-qualifed for a loan."

NRC will hold open houses from 1 to 4 p.m. August 23-24, September 6-7, 13-14 and 20 from 1 to 4 p