Yes Indeed. Sounds strange, but it's true.It isn't that I don't believe in auction as an aggressive and wonderful marketing tool for selling real estate, it's just that the market has changed and there are many reasons that auction won't work today.
The number one reason is competition from bank foreclosures and other REO properties. They offer great terms, and bargain prices. Unfortunately. most sellers look at auction as a last resort, and wait until the property is stale before putting it on the auction block!
Auctions are expensive and time consuming, and we are not in the business to lose money. Here's the key principle:
If a property won't sell for any reason. those reasons will not be overcome by auctioning the property! Auction isn't for properties that won't sell, it's for properties that everyone WANTS!
So if it's a house that has been sitting for six months, I won't touch it, unless you are VERT WILLING TO TAKE A LOW-BALL PRICE!
But any auctioneer will be glad to discuss auction with you, and it may be a viable option. We are always willing to "talk turkey" with sellers about the auction process!
Richard Weisser, Broker, Associate Broker,
Auctioneer, E-Pro, CE Instructor