Posted by rm on January 12, 2005 at 10:50:19:
4 is a small number for someone who has been at it as long as you.
What differentiated the properties that you decided to auction versus using other means to market?
Thanks.
Using auction to sell properties? - Posted by TRAVIS (Tampa,Fl)
Posted by TRAVIS (Tampa,Fl) on January 09, 2005 at 10:20:56:
Hi, I was wondering if any of you guys ever used auctions to sell to your properties? It seems like more and more investors aredoing it my area. What are the cost that are normally associated with using an auction to sell a home, and what are up and down sides of using auction to sell a house? I would like to hear from you guys that familiar with the auction process!
Thanks a million…
Auctions can produce great results - Posted by JT-IN
Posted by JT-IN on January 09, 2005 at 18:39:32:
Especially in HOT markets, where there are a shortage of properties compared to the number of potential buyers… Like SWFL… I would recommend using the approach…
Costs will vary from auctioneer to auctioneer, and auction to auction… depending on whether it is an “Absolute Auction” or a “Reserve Bid”… The guy that I use for most of the properties that I have auctioned, absorbs the suction marketing costs himself, if the auction is Absolute… meaning it sells to the highest bidder, regardless of price. My feeling is that if the property is properly exposed, it will brind the highest and best value is it is an Absolute auction. It will definitely bring a crowd…
For Reserve Bid auctions, where the seller reatins the right of refusal of any offer, the norm is that the seller pays the cost of the auction… In both approachs, the auctioneer is charging a “Buyers Premium”… added to the last and highest bid… In my case the auctioneer is adding 10%, so he is doing well…
I have never had a loser of an auction… 4 for 4… Always selling for the high end of retail, and some cases, way high…
JT-IN
Re: Using auction to sell properties? - Posted by Joshua
Posted by Joshua on January 09, 2005 at 15:36:00:
here you go
http://www.realtytalks.com/topic.asp?TOPIC_ID=877