Sacramento Auction of Foreclosed Homes | Sacramento Real Estate Voice

Gena Riede of Sacramento Real Estate Voice on Channel 13 News

June 26th, 2007 categories: Real Estate, Sacramento

Yes, I have received your phone calls and accolades I was interviewed on Channel 13 news Friday, June 21^st and Saturday the 22^nd.

For those that missed the news, here is the interview.

Kris Pickle, anchor from Sacramento Channel 13 News contacted me on Friday afternoon after her team members notified her of the article written here on Sacramento Real Estate Voice, called Sacramento Foreclosure Auction Looking for Suckers! Kris told me that she loved my perspective on the Auction being held the following day, Saturday at Cal Expo and wanted to interview me. It was quite an honor and Kris put me at ease throughout the hour long interview. She and her camera man did an excellent job at bringing the truth to the consumer about the importance of knowing the true value of a property before getting caught up in the bidding process of an auction.

I was thrilled not only to be made a part of these news casts, but more importantly the exposure that Kris brought to the forefront by airing the way Auctions and Foreclosures are typically perceived by the consumer as being one of savings or a good deal. Nothing could be further from the truth when stepping into this platform without being fully informed. Thank you, Kris for helping the consumer and for making me feel so at ease.

It is so easy to get caught up in the moment with the auction people dressed in their tuxedos, shouting and waving of hands and the furious zip in speed of the actual auction. Even when you know the true value of a property, it is difficult not to get caught up in the moment. Everyone that comes hopes for the deal of the century. And some actually think they got a deal. Just looking at a house is not good enough. You need to have professional who know the area, can tell you the current and past value of the area as well as a contractor who can visually inspect the house and let you know the money involved in bringing the property back to speed. Without those people in place, the consumer is simply guessing.

Another aspect that concerned me was hearing that winning bidders were asked to put down 5% of the asking price as down payment, pay an additional 5% to the auction company (seem a little steep to anyone, for this?) for the services they provided the BANKS and then have the banks provide yet another loan. Now, if the banks gave questionable loans to begin with, why in the world would anyone want to have those same banks convey their loan? Has me scratching my head. I hope these same folks who won the bid, dont end up like the previous homeowners of these same Foreclosure properties.

No one would be auctioning off these properties if they werent making money (profit, profit, profit) and now, the holders of the previous note will have a nice tax write off lets hope its not at the new Homeowners expense. Am I passionate about this? You betcha.

This entry was posted on Tuesday, June 26th, 2007 at 2:29 pm and is filed under Real Estate, Sacramento. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Jeff Turner said at June 26th, 2007 at 4:14 pm
Gina… you did a great job of exposing the dangers involved in auction sales.
Gena said at June 26th, 2007 at 5:33 pm
Thank you, Jeff. Hopefully, it helped save someone who read it or saw the news. Thanks for coming on over to Sacramento Real Estate Voice.
Brad Nix said at June 27th, 2007 at 3:31 am
Gena:

Great work exposing these sales tactics and congrats on being interviewed by your local news channel.
Gena said at June 27th, 2007 at 6:16 am
Brad, welcome back to your old stomping ground. Sacramento is happy to see you back. Thank you for your support.
Jay Thompson said at June 27th, 2007 at 8:35 am
Great job Gena! This is true service to the consumers that you provided. Ya done good!
Gena said at June 27th, 2007 at 8:59 am
Thank you, Jay. I’m glad that my purpose in writing this article shows through.
John Coley said at June 27th, 2007 at 3:15 pm
Congrats on the exposure. You’re right about the need to to your homework on auctions. I recently did a post called “6 Questions to ask at a Lake Martin Auction.” I think that too few buyers really crunch the numbers before going under the tent.

Thanks,

John C
Ines said at July 1st, 2007 at 9:01 pm
Gena - just wanted to pop in and tell you that you looked FABULOUS!
Gena Riede said at July 1st, 2007 at 11:49 pm
Thank you, Ines. It would be ever so nice if TV had air brushing, though.
Keith Jeppson said at July 2nd, 2007 at 5:21 pm
After skimmimg through your blog I can certainly see why you’re getting so much attention. Congratulations on the exposure. All your hard work has paid off.

I like your straight-forward approach. You’re quiet confidence is a strong voice.
Gena Riede said at July 3rd, 2007 at 9:07 am
Thank you, Keith. My goal is to continue informing both Home Buyers and Sellers about the market and what is happening.