Today, I will help a seller market his home by auction. This was the sellers idea. He purchased the property at foreclosure auction, made necessary repairs and will attempt to sell the property quickly at auction.
More and more sellers are turning to auctions as a method of marketing their homes. Why? First of all it is very inexpensive for the seller. In many cases they will only pay an advertising fee and the buyer will pay a buyers premium to the auction company. There are many versions of payment methods but this is the least expensive for the seller. There is an article from the National Association of Reators that talks more about the increasing popularity of auction marketing.(see the link)www.realtor.org/PublicAffairsWeb.nsf/Pages/TPAuctions?OpenDocument
I have conducted thousands of auctions and think it is a perfect marketing effort. In many parts of the country auctions are a “normal way to market property”. The eastern part of the United States has been much slower to accept this method as a traditional method not associated with distress.
Next time you market your home consult an auctioneer as well as a realtor. In many states your auctioneer must meet real estate licensing standards.