Selling via Auction - Posted by BR2

import · May 11, 1999, 7:35pm

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.

import · May 11, 1999, 7:35pm

Posted by BR2 on May 11, 1999 at 19:35:33:

Just returned from an auction where a house that’s been on the market for a year sold for 8k more than what was listed by a realtor. Has anyone used an auction company to sell property?

Thanks in advance.

import · May 12, 1999, 8:08am

Re: Selling via Auction - Posted by T. Mykel

Posted by T. Mykel on May 12, 1999 at 08:08:09:

Selling at auction (In my opinion) can work to a great advantage to the seller if done correctly. The property is sold quickly and (for the most part) at a fair price.

You need to be careful not to sell it “Absolute”. Too many factors can work against you and the property is sold regardless of bid price…ouch!

Toney Mykel