Do AUCTIONS work? - Posted by oj

Real Estate Investing Auctions
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Posted by Randy (SD) on August 26, 2005 at 17:22:44:

Some do… some don’t. It’s all about the value, I have used this method several times, the first time it worked OK not a super good deal but I got close to my expected sales price. I will warn you you will have people come through the don’t understand what you’re doing, I had several couples who thought it was a rummage sale or garage sale-they were looking for baby clothes when I told them the house was for sale they got a real dumb look on their face and laughed.

I have better success doing a straight FSBO offering creative terms, if the property shows well and the value is there you will attract the same “qualified buyers” as doing a “sell your house in five days” type of auction sale. When you think of the word auction, what comes to your mind? BARGAIN! Your prospective buyers have the same perception that you do, why else would YOU go to an auction?

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Do AUCTIONS work? - Posted by oj

Posted by oj on August 26, 2005 at 12:24:15:

I have a single family house I need to wholesale quickly.

I was thinking about putting an ad in the local paper concerning an open house/auction …highest and most qualified buyer wins.

Has anyone tried this approach?

The house is a foreclosure. I am have an approved short sale. The deal has enough room for a conservative profit.

I don’t want to apply for financing if I don’t have to.

I want to attract qualifed buyers to this house b/f my closing date.

Any good tips would be appreciated.

J

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Re: Do AUCTIONS work? - Posted by Natalie-VA

Posted by Natalie-VA on August 31, 2005 at 14:35:23:

Does the lender that approved the short sale know you want to assign it? They may not let you. Make sure you have a backup plan.

–Natalie