MichelleCherie Carr Crowe .Just Call. 408-252-8900, Family Helping Families Buy & Sell Homes 40+ Years (Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty)

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Rainmaker
2,702,175
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

The auction industry has its own unique set of rules. There can be a minimum bid or a no-minimum, they charge commissions similar to agents and there are dynamics with it making it dicey & unpredictable. However, it remains a tool in the world of Real Estate. Trustee sales are similar as they have bid rules too. I have done those. High bid, who can perform, prevails. The trustee determines it all having the final say so

Nov 10, 2022 07:23 AM
Ambassador
2,825,123
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate Brokered by Real - St. George, UT
St. George Utah Area Residential Sales Agent

Why not go the traditional route, M & C? In my experience with auction houses here in Utah, it is very expensive to use them (they charge as high as 10% (or more) of accepted price).

Nov 09, 2022 03:10 PM
Rainer
318,548
Don Baker
Lane Realty - Eatonton, GA
Lake Sinclair Specialist

Nope, have only used on line auctions to real personal property in estates a few times, which has worked out great.

Nov 10, 2022 07:09 AM
Rainmaker
1,777,262
Lyn Sims
Schaumburg, IL
Real Estate Agent Retired

Why use an auction? Just have them go to those direct seller sites & have them just buy it with the tenant included.

Why make it tougher than it needs to be?

Nov 10, 2022 05:40 AM
Rainmaker
4,646,697
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

I have only participated in one auction and the home did not sell. The company could not generate any bids. What a waste of time.

That said I have been to couple of auctions where individual condos were sold.

Do your homework and inform the seller off the pitfalls so they can make an informed decision. In the alternative use your time to market the property.

Good luck either way!

Nov 10, 2022 04:20 AM
Rainmaker
1,059,579
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

I have never used an auction company to sell a house.

I believe the seller can set a reserve below which no offer will be accepted. Yes, following through with the auction means obtaining a signed real estate contract.

I don't see the advantage to an auction sale, which you have never done, when you could put the house on the market at a price that would attract buyers quickly in a manner in which you have experience.

Nov 09, 2022 03:18 PM
Rainmaker
709,632
Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Group Valencia & Aliso Viejo

I've never sold via online auction and wouldn't unless working with an agency that required it.  I like to deal with offers from other agents knowing that they are committed to the transaction and that their client is well qualified and motivated.

Nov 12, 2022 02:51 PM
Ambassador
3,177,450
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

I have never had a need for an auction.  Price it right and put it on the MLS. There are investors out there looking for opportunities - cash offers, non-contingent and quick close. 

Nov 10, 2022 09:34 AM
Ambassador
2,525,341
MichelleCherie Carr Crowe .Just Call. 408-252-8900
Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

Thank you all for reading and commenting. Tammy I really want to know how your clients got stuck with an $8K bill-and still have the house. FYI I counseled them that as the market isn't at their desired price point they should just keep it for now. Tenants are good and they have positive cash flow. Thanks AR colleagues.

Nov 17, 2022 10:16 PM
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

nope, nor would I.  I did have a client give it shot and well $8,000. later they still owned their house.

Nov 10, 2022 10:07 AM
Ambassador
5,838,408
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

I have never had much success in dealing with online auction companies.

You may want to reach out to local investment groups, they can act fast with cash offers.

Nov 10, 2022 04:21 AM