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Redland Real Estate Auction - Going, Going, Still Here!
Are you trying to sell your Redland home in this market? Have you looked at alternative methods of selling your home? Have you looked at real estate auctions?
Real estate auctions can be very successful. And they can be total flops too. Last week I attended the latter at a gorgeous home in the Redland.
The home had been appraised at $900,000 back in June. My trained eye tells me the market value is more like $750K today. Was it an inflated appraisal back in June? Maybe just a little. No matter. The appraisal wasn’t an issue. The bids were.
I had seen the signs proclaiming this coming auction a few weeks back. I had read the small print. I knew what was going to happen because of it. Here’s the small print in a nut shell:
-Bidders had to register and provide a $1,000 check at registration (no problem. If you didn’t win the bidding, you would get it back) -Winning bid had to add 7% as a Buyer’s Premium and that would be the sales price. So if the winning bid is $100K the sales price would be $107K (OK, this sounds good for the seller, but only good ... more

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