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Why Would Someone Want to Sell Real Estate at Auction?

By Paul Roesch 618-233-1000

Real Estate Agent with Palatium Auction and Appraisal Service, Real Estate Auctions, Estate, Moving, Downsizing Auctions 618-233-1000 USPAP Appraisals proesch@ptauctions.net

February 09, 2010 01:11 PM

Why Would Someone Want to Sell Real Estate at Auction?

    * An auction is an event
    * Property is sold on a specific date
    * Everything is disclosed up front
    * The only negotiation is price
    * All negotiation is open and public
    * Delivers 100% of present cash market value
    * Selling as is where is with no fix up expense or repair contingencies
    * All cash no contingency contract with 30-day closing
    * Buyer pays closing costs
    * No seller commissions!

AUCTION MYTH: AUCTIONS ARE FIRE SALES WHERE YOU GIVE AWAY PROPERTY!

AUCTION FACT: A properly advertised and promoted auction will deliver 100% of the present cash market value for a property 100% of the time!

There is a mentality amongst auction buyers that if someone is going to steal it, then it's going to be me and they pay full market value every time!

Learn more about the benefits of a Real Auction

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Ken's Home Team LLC. | 360.609.0226 | Portland, OR & Vancouver, WA Real Estate Team

Ken's Home Team LLC. - Vancouver, WA

- SOLD IS OUR FAVORITE 4 LETTER WORD -

nice if it works make it happen

Feb 09, 2010 01:15 PM

Geoff ONeill

John L. Scott Medford - Medford, OR

So what happens if no one shows up? Is there a reserve?

Feb 09, 2010 01:16 PM

Eileen Hsu

Douglas Elliman Real Estate - Manhattan, NY

LICENSED REAL ESTATE SALESPERSON

I do agree that the myth of every property being a firesale at an auction holds true no matter where you are in the country.

Feb 09, 2010 01:17 PM

Wayne and Lynda Gomillion

Real Living Hagan Realtors | Pinehurst ~ Southern Pines, NC - Pinehurst, NC

Paul, Full price?... Makes sense to me... Thanks for the post

Feb 09, 2010 01:18 PM

Paul Roesch 618-233-1000

Palatium Auction and Appraisal Service, Real Estate Auctions, Estate, Moving, Downsizing Auctions 618-233-1000 USPAP ... - Webster Groves, MO

Real Estate Auctioneer CAI St Louis MO Auctions

Many of the properties we sell have a non-disclosed reserve or a minimum published opening bid. Key to the auction is having a properly prepared seller and a tight accelerated marketing plan to bring attendance. Just as in our traditional sales the "right client" is critical to a successful outcome.

Feb 09, 2010 01:40 PM

Don Wixom

RE/MAX Executives Nampa, ID - Nampa, ID

"Looking out for your next move..."tm

Very interesting Paul! I have often wondered about using auctions to sell some of my listings. Do you need to be licensed for specific actions?

Feb 09, 2010 01:47 PM

Hi Don, it depends upon the state. In Illinois for example there is licensing law which is really governed by real estate law meaning that you must have a real estate license to sell real estate at auction and have an auctioneer's license. In Missouri the area seems grey. Our intrepretation of the real estate law is that if you are selling real estate you should be licensed as an agent or broker. We are licensed real estate agents and brokers that sell with the auction sales strategy in Illinois and Missouri.

Feb 09, 2010 01:59 PM

Why Would Someone Want to Sell Real Estate at Auction?

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Paul Roesch 618-233-1000

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