In April I successfully sold a nice property at auction for a military family that had their original orders for moving in June suddenly changed to a move in April. As soon as the change in orders was received, I began working with the couple to determine the method of sale that would work best for them. They did not want to become absentee landlords or try to sell from a distance in a market where houses have remained on the market for quite some time. Together we determined that the property could best be sold within 60 to 90 days using the auction method of sale with a minimum published bid that would both cover their equity and interest potential bidders in the property.
The home was listed on March 8 with a sale date of April 14. A highly publicized marketing campaign stimulated great interest both among investors and potential home owners with a great deal of realtor interest and participation. The home sold on April 14 after spirited bidding and closed in early May to everyones satisfaction. The couple, who definitely understood the time value of money, were on their way to their new duty station while the successful high bidder was able to purchase the property under the appraised value.
This sale illustrated the viability of the auction method of sale as a very effective option for those who have time constraints or cannot wait for an extended period to receive their money.
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