The auction process continues to grow throughout the country, and it is not always due to foreclosure or REO's. Not at all. Residential auctions are now available to single family home owners willing to price their home right and looking to sell within a fixed time period to a qualified bidder.
Yet, most "local" real estate companies have yet to get on the bandwagon. The same offices faced with price reductions and homes on the market for 6 months and longer.
The link below is to a news story about a duplex sold at auction in Ohio. What makes this auction success so significant?
The auction company which handled this property does not even specialize in real estate auctions. Did you see the other items sold at this auction?
I'll make my point again. Most realty firms still have not come on board to offer auctions as another avenue to expedite the sale of their listings. At the same time, companies lacking in real estate expertise are already conducting successful property auctions.
Earlier this week, Statler Towers, which is a legendary hotel and office building in Buffalo's Niagara Square, was sold for $1.3 million dollars. How? At an auction that had a bidding war - for a million dollar property. The winning group has already announced that they are beginning renovation work in September. As in next month.
I see where United Country Certified Real Estate Auction Services now plans to auction off more than 9,000 acres in Florida and Georgia, all by the end of this month.
Farm land in Illinois might be a challenging sale these days, but this is an example of how to attract attention:
The above link is about a September auction of farm land.
Personally, after 20 years of continuously working with realty agents and mortgage lenders on marketing and advertising concepts, I find the auction possibility to be perhaps the most exciting innovation to come along in years. Individual home sellers can be involved in a sale by auction, with or without a realty agent. Individual realty agents, offices, or firms can receive complete support and local exclusivity to handle local auction sales. More importantly, qualified potential buyers can bid to their maximum on properties and know immediately if they are successful.
We can all move to add this component, or continue to dwell in the negative home sale and real estate statistics the media bombards us with every week.
If you need help getting involved in the property auction process, whether as a buyer or seller, please let me know.
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