Been quite a while since I have been on this site. Like visiting old friends. Thanks for insight on auctioning a property. We did this a few years ago on a private home and two commercial buildings (both absolute terms) Outcome was slightly above FMV on commercials and at FMV on house. Hadn’t thought of it till I read your post but we currently have a property we are trying to sell and this may be the solution. By the way, thanks for the story. I, too, was ROFLMAO just reading it!
Yes, have auctioned a few. I have always used ABSOLUTE terms when auctioning, (NO minimum bid - High bidder buys it), which takes some nerve to do but does bring out the largest pool of bidders. Ppl think they are “going to get a great deal mentality”, and if you have a good pool of bidders, FMV is usually met or exceeded.
In the auctions I have held I would say that I sold the props for more than I would have had I listed them… and it is over and done with in 30 days; BANG!
PS: Funny story, when auctioning one comm’l property (Bar bldg on busy street - 1 acre lot - definitely going to be a tear down for higher and better useage), it was a rainy day and the roof was leaking, puddles throughout the bldg. I had a partner on the deal and he was queasy about the auction, and just as the auction was about to begin he supplied the most classic line I have ever heard stated… he said: “I think I will straddle this puddle so when if I pee my pants during the auction, no one will notice”. ROFLMAO - A classic for the ages.