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I Hope I Don't Regret This
 

Eric Michael posted an interesting blog a few months back about real estate auction sites entitled:Real Estate Auction Sites Suck.  Yowza!  It seems he had a rather unpleasant experience with one of the several nameless, faceless, foreclosure mill auction houses in cyberspace.  Now, me being an owner of a warm, fuzzy, consummately interactive auction site tailored exclusively to the needs of Realtors®, found it necessary to call Eric to find out just what had made him so bitter. Quite frankly, I was not at all surprised by what he said.
1. Buyer was charged a 5% buyers premium if they won the auction.
2. Buyer could not have a financing or inspection clause. 
3. Commission was reduced fom 3% in the MLS to 1% by the auction company.

I'm not sure that Eric realized initially that he was preaching to the choir on this topic.  I wholeheartedly agree with him.  The big auction houses are taking Buyers, the banks, Fannie, Freddie and Realtors® for a ride.  Admittedly, they do move inventory, but at a very steep price and to the detriment of the market as a whole. 
I explained to Eric how our system works:
1. Buyer pays a 1% Buyers Assurance fee if, and only if, ... more

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