Posted by MARKVA on May 16, 1999 at 19:14:58:
AUCTIONS LIKE THE ONE YOU DESCRIBE CAN AND DO HAPPEN–THOSE ARE THE ONES THE AUCTION COMPANY WILL TELL YOU ABOUT WHEN YOU FIRST LEARN ABOUT THIS. BUT IT’S GOT TO BE THE RIGHT PROPERTY IN THE RIGHT PLACE.
I listed my personal residence a few years back with a realtor. City assessed at 254,000, appraisal would have been higher, we listed at 249000 and got not one offer in 6 months. The house was 16 years old and the main comment we got was that it was either too large or there was too much competition from new construction nearby.
So… we decided to go the auction route. The company
spent about 5K on marketing and advertising, as they would do for a nice property, had a lot of calls, about 15 people show up at the sale. But only 2 are serious bidders. In about 3 minutes the bidding topped
out at 190K. We owed 200K so had to decline and list it with a different realtor.
So, if you’ve got a high-demand property you might make a little extra. If you do sell this way, a bonus is that the BUYER pays the 10% auctioneers premium…not you. Good luck.