Belt Auction

Home auctions gain steam

Summary: Real estate was among the last type of investments Kim Kyung hoon a 40 year old worker in Seoul thought he would pursue Apart from the challenge of amassing a significant amount of money he figured it would be difficult to gain enough knowledge and know how to work through the complications involved in real estate transactions Now however Kim is not only planning on buying an apartment he intends to do so through an auction which he once considered perhaps the most mind boggling way to purchase a property I learned from acquaintances about auctions and I discovered that they re not as difficult as I imagined Kim said There are also many good cheap properties to buy at auction Auctions are emerging as a popular channel for real estate transactions as a growing number of people look to bypass real estate agents and their fees to find dream homes According to Ggi Auction 10 005 properties were newly put up for auction nationwide in March up 47 2 percent from the number in February In April the figure rose to 10 231 Buying properties at lower prices is a major attraction of auctions Most of the properties at auctions are sold at around 80 percent of their appraised values or even lower experts say A 130 26 square meter I Park apartment in Dogok dong Gangnam District for instance was put up for auction on May 4 It sold for 1 3 billion won $1 02 million just 81 24 percent of its 1 6 billion won appraisal price The notion that homes and apartments up for auction are problematic is also being challenged The properties in auction sales are foreclosed properties so there were concerns about legal disputes surrounding ownership after purchase said Youn Jai ho head of Metro Consulting a local real estate consulting firm But due to the enhanced protection measures for auction buyers such risks are decreasing Another factor in the trend There s an ever growing number of sources for information on property auctions According to market watchers there are upwards of 50 private institutes across the country that teach consumers how to buy property at auctions KRAA located in Bucheon Gyeonggi has hired four experts to teach three month courses Institute officials said the number of students in the course is increasing 20 percent to 30 percent each year Real estate service institutes like us as well as colleges and even department stores are offering classes to educate the public about property auctions said Ha Yu jung a researcher at Ggi Auction Experts however warn that risks still exist In some cases you can find cheaper properties in the general market so buyers need to conduct thorough market research said Lee Jung min a researcher at Digital Taein By Moon Gwang lip joe joongang co kr Copyrights ⓒ JoongangIlbo Joins com All rights reserved Real estate was among the last type of investments Kim Kyung hoon a 40 year old worker in Seoul thought he would pursue Apart from the challenge of amassing a significant amount of money he figured it would be difficult to gain enough knowledge and know how to work through the complications involved in real estate transactions Now however Kim is not only planning on buying an apartment he intends to do so through an auction which he once considered perhaps the most mind boggling way to purchase a property I learned from acquaintances about auctions and I discovered that they re not as difficult as I imagined Kim said There are also many good cheap properties to buy at auction Auctions are emerging as a popular channel for real estate transactions as a growing number of people look to bypass real estate agents and their fees to find dream homes According to Ggi Auction 10 005 properties were newly put up for auction nationwide in March up 47 2 percent from the number in February In April the figure rose to 10 231 Buying properties at lower prices is a major attraction of auctions Most of the properties at auctions are sold at around 80 percent of their appraised values or even lower experts say A 130 26 square meter I Park apartment in Dogok dong Gangnam District for instance was put up for auction on May 4 It sold for 1 3 billion won $1 02 million just 81 24 percent of its 1 6 billion won appraisal price The notion that homes and apartments up for auction are problematic is also being challenged The properties in auction sales are foreclosed properties so there were concerns about legal disputes surrounding ownership after purchase said Youn Jai ho head of Metro Consulting a local real estate consulting firm But due to the enhanced protection measures for auction buyers such risks are decreasing Another factor in the trend There s an ever growing number of sources for information on property auctions According to market watchers there are upwards of 50 private institutes across the country that teach consumers how to buy property at auctions KRAA located in Bucheon Gyeonggi has hired four experts to teach three month courses Institute officials said the number of students in the course is increasing 20 percent to 30 percent each year Real estate service institutes like us as well as colleges and even department stores are offering classes to educate the public about property auctions said Ha Yu jung a researcher at Ggi Auction Experts however warn that risks still exist In some cases you can find cheaper properties in the general market so buyers need to conduct thorough market research said Lee Jung min a researcher at Digital Taein By Moon Gwang lip joe joongang co kr Copyrights ⓒ JoongangIlbo Joins com All rights reserved

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