Retail Flip Using The "auction" System?
I'm not sure if this is the right forum...but...
I am selling one of our rehabbed homes this weekend using the competitive bidding system I've heard some others use. ("Five day sale" or "Ten day sale" depending on whom you read.) It's going okay and I'm fully expecting to sell the house tomorrow night, that didn't sell all these months on the MLS.
I was wondering if anyone else had used this method to sell homes that they had under contract, hence "retail flip." Wouldn't the law/rule that as long as you had an interest in the property you could sell it, whether you advertised for a retail buyer or did a LP, or found the buyer by advertising the competive bidding sale? Any experience with this?
Thanks, Amy
PS I hope this makes sense....if it does, you've done it, if not, you probably haven't! TIA
Hi Amy,
How is your 5 day sale going?
Are you doing it on your own, or with others?
Good luck!
Ozzie
Hi,
yes, we're curious too actually.
I read on e bay that it is prohibited to sell a property in which you have an undivided interest.
So I guess a flip through there wont work.
Where are you auctioning?
Thanks, best to you.
Chris. 8-)
It's not going as well as I would have liked, but I know where I would do things a little different next time. I am selling the house in Knoxville, and the big RE day in their paper is Sunday. Well I should have started the ad sunday. I still believe I will sell it, because the people that are the most interested are retail buyers, only one caller appears to be an investor. (I need a retail sale~!
I compared the 5 and 10 day manuals and they are similiar, both have good info, and I picked the parts I liked best out of both. Next time I will advertise more, and use more signs. Still unsure if I will do my own "sale o grams" (the ten day guy must own the co. that does them and they are pricey!) next time. At the moment I am planning on doing it several more times in the next couple months, including some of our new construction. I will let you know how it fares after the actual round robin bidding tomorrow night.
PS I am unsure what you mean about ebay....did you mean that you can't sell it on ebay UNLESS you have an undivided interest? I don't know that I would try ebay for my own house anyway, except for it's extra advertising. Does anyone use it alot to sell houses with any luck? And seriously, if you have an interest in a house and the right to buy it, why couldn't you find your sub-buyer with this method?