Going once, going twice… When auctions can be the best way to sell homes
Despite stigma, some sellers are voluntarily stepping up to the auction block.
For some, opting to auction their properties in order to salvage a sale after a listing has been on the market for longer than normal, according to Mansion Global.
“Days on market are not your friend. It’s like U.V. rays from the sun: The longer you’re out there, the more you’re getting burned,” Concierge Auctions’ founder and president Laura Brady told MG.
For example, Ric Souto of Slifer Smith & Frampton Real Estate and his clients opted for an auction with Concierge for a Vail property that was first listed in 2015 for $7.4 million and didn’t receive a single offer.
“It has become obvious that once the word ‘auction’ is introduced to the marketing message, it creates a new level of interest for the property,” he told MG.
Other sellers choose auctions because they want to free up cash fast without the headaches of closing a deal. Auctioned properties come as-is and most deals close in cash within two months.[MG]
Source: The Real Deal