Property Auction ?
Hope this is correct place to ask this question. Should a homeowner attempt to auction off his property by himself?? The property in question is a waterside condo in a great area , new in 2004 and empty at this time. FMV is 650K..
The first thing I looked at was the property is listed on propbot and it shows FMV at $650K and he is currently asking $559K so I would say he is willing to negotiate.
The appropriate terms are:
Reserve Auction: or the seller sets the minimum amount they will accept and if the reserve is not met then I have seen through negotiations after the auction where the minimum the seller wanted was reached.
Absolute Auction: or the seller must sell to the highest bidder regardless of price when the hammer falls. There in lies the psychological advantage of an absolute auction. If a buyer feels he or she can buy property at his or her price, the buyer is more likely to bid.
If more people bid, thereby creating greater competition, true market value and often times more than true market value is realized.
John $Cash$ Locke
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"John Locke and "finniganps"..Thank you for your very quick response to my query..I have been on the net searching for autioneers and have not picked one yet..If there is any further guidance that you can think of along with any others that may wish to contribute their thoughts , all would be very appreciated. Thank you again...
CapeDollars,
You can find what you are looking for here.
http://www.auctioneers.org/findAuctioneer/
John $Cash$ Locke
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Auctioning off your own home does take skill. If you have that skill you can auction off your own home. It would save you a commission. Plus when you auction your home through an auctioneer, you have to pay for the marketing.
If you have a strong marketing plan, you can have the same success as a pro auctioneer. And you can save the commission.
Thanks folks for all the info. Gathering my thoughts and will get together a plan of action soon. CapeDollars...