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Desperate?Should I hold a Auction????

By
Real Estate Agent with NP Dodge

Its hard to imagine but yes!! another desperate seller and agent.

This home has been listed for  a year and is a fantastic!!!! remodel with all the latest stuff in a great area of town.

but nothing not so much as a bite--yes it was listed to high to begin with but the sellers had that much into it

Now---- we are thinking of a Auction!!!  The seller likes the idea and will put the home at whatever price it needs to be---and have done so but no--no--no-- activity!!!  it backs up to a highway-- but you cant see it-- and its landscaped very nice---We all buy into the idea but my only concern is

IF IT DOESNT SELL AT AUCTION AND IT GOES BACK THE NORMAL WHY OF SELLING WILL IT HURT THE PROPERTY AND MAKE IT FALL DEEPER INTO A HOLE?????

OR IS IT ALREADY THERE AND THIS REALLY CANT HURT IT ANY MORE?

Comments (4)

Lauren Corna
Archway Realty, LLC - Southlake, TX
Broker

Rob - What incentives are you offering?  Can you increase the % to the Buyer's Agent ?  Or, offer a Bonus to the Buyer's Agent if they can bring in an accepted price by the Sellers and it closes and funds ? Or, offer 3 -6 % Seller's contributions to buy down the rate or apply towards closing costs....  If possible, increase the list price to accommodate the incentive.

I am a firm believer in Staging

I had a home that was listed for a long time and wouldn't sell (my own investment property) ...I staged the home and sold it for much higher than I listed it for.  I paid a bonus and some closing costs

I wish you well !!

Oct 04, 2007 11:02 AM
Lania DeMers
Rocky Mountain Realty Co. - Colorado Springs, CO
Broker, Rocky Mountain Realty Co.
Auctions are risky, but if the Seller will be satisfied with his minimal projected results...go for it. The seller can move on and it's a great adventure...ultimately it's their decision, right?
Oct 04, 2007 11:03 AM
Roy Kotz
NPDodge - Papillion, NE

Rob, I think the biggest challenge you have to make this auction work is to get the auction marketed to the right buyers and convince them they need to be their the day of bidding. Wish I had the answer on how to do that.

Maybe try e-bay with a reserve and get it marketed to past lookers. At least that way the auction is bit lower key then auction signs all over the area. Just a thought.

Oct 04, 2007 11:46 AM