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?
http://www.farmanddairy.com/news/duplex-sells-for-92400-at-auction/12831.html
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:
http://www.earthtimes.org/articles/show/approximately-1600-acres-of-illinois-farmland-set-for-sept-10-auctions,925068.shtml
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.
Showing posts with label auction. Show all posts
Showing posts with label auction. Show all posts
Friday, August 14, 2009
Tuesday, March 17, 2009
The new wave - real estate auctions mean quicker sales
I am finally seeing a growing number of properties going to auction. Before you think I'm talking about abandoned, already foreclosed, or distressed properties, guess again.
Auctions are quickly becoming "in". They are not for problem properties, and thankfully, no longer limited to builders, developers, and banks. Individual sellers can do it. Considering that many listed homes are staying on the market for 3 months or longer, the prospect of having an auction for a home or investment property which needs to be sold being just 30 days away has taken on a whole new meaning. A fresh one.
If you have a home to sell, it no longer has to risk being on the market for month after month. As long as it is priced right. Bidders at most property auctions need to be pre-qualified and come with some money in hand. In other words, a potential buyer needs to show both money and some level of commitment before the auction even begins. Face it, that is not likely to happen between 1:00 and 4:00 on Sunday when your front door is loose in anticipation of visitors to an open house.
To me, the most appealing part of this (besides the faster sale) is the possibility of having more than one possible buyer bidding at the same time. The ability to cut into that vicious cycle of calling and running from one buyer to the seller and the other buyer to the seller and back to both buyers and the number of man hours that waste is most welcome.
Having that deadline of minutes or seconds where if a potential buyer doesn't bid right away he or she loses out is a blessing to the seller.
In this challenging marketplace, providing a faster option for motivated home sellers, regardless of mortgage or foreclosure status, is the best thing to come along in years. Personally, I worked on the "Open House Hotline" updates every week for 15 years. The whole idea is to get potential buyers to a property for sale. The possibility of going online or seeing the weekend Real Estate listing of definite auctions for this weekend means that sales will be made. Way better than an open house list where "lookers" can visit and wait three weeks before making a lowball offer.
On the right side you will see links to a couple of sites which provide more details. If you or your client needs to sell quickly, this is totally worth checking out.
Auctions are quickly becoming "in". They are not for problem properties, and thankfully, no longer limited to builders, developers, and banks. Individual sellers can do it. Considering that many listed homes are staying on the market for 3 months or longer, the prospect of having an auction for a home or investment property which needs to be sold being just 30 days away has taken on a whole new meaning. A fresh one.
If you have a home to sell, it no longer has to risk being on the market for month after month. As long as it is priced right. Bidders at most property auctions need to be pre-qualified and come with some money in hand. In other words, a potential buyer needs to show both money and some level of commitment before the auction even begins. Face it, that is not likely to happen between 1:00 and 4:00 on Sunday when your front door is loose in anticipation of visitors to an open house.
To me, the most appealing part of this (besides the faster sale) is the possibility of having more than one possible buyer bidding at the same time. The ability to cut into that vicious cycle of calling and running from one buyer to the seller and the other buyer to the seller and back to both buyers and the number of man hours that waste is most welcome.
Having that deadline of minutes or seconds where if a potential buyer doesn't bid right away he or she loses out is a blessing to the seller.
In this challenging marketplace, providing a faster option for motivated home sellers, regardless of mortgage or foreclosure status, is the best thing to come along in years. Personally, I worked on the "Open House Hotline" updates every week for 15 years. The whole idea is to get potential buyers to a property for sale. The possibility of going online or seeing the weekend Real Estate listing of definite auctions for this weekend means that sales will be made. Way better than an open house list where "lookers" can visit and wait three weeks before making a lowball offer.
On the right side you will see links to a couple of sites which provide more details. If you or your client needs to sell quickly, this is totally worth checking out.
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