Posted by Charles Parrish on August 27, 2006 at 08:11:02:
Hello John,
I am an auctioneer in Maryland, but do cooperative auctions in many other states.
We sell about $40,000,000 a year in owner properties and investment assignment sales.
There are many methods of selling using the auction method of auctioning; reserve auction is where you set a reserve that you will not go below. This price is not public and you can change your mind the day of the sale. The absolute auction, this is where the property is sold regardless of price.
There is the seal bid auction, a ballroom auction, the hybrid auction, the multi- parcel auction and the bid to bid auction.
The great thing about real estate auctions is that the sale is predictable, all cash, no contingencies, no commission to sellers and no settlement cost, and NO dependency on agents, appraisals, mortgage brokers, banks, contingencies or inspections.
Send me a note or call me, I will be glad to expand on my explanations.
Charles Parrish - 443-253-3886