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Old 01-04-2018, 02:32 PM
 
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Consider a Deed-in-lieu-of-foreclosure. I did this once. There's a process but your mortgage payments stop. I actually ended up with a check when it was all said and done.
https://en.wikipedia.org/wiki/Deed_i...of_foreclosure
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Old 01-04-2018, 09:47 PM
 
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Pretty simple......

Change real estate companies.
Drop the price every week until it sells.

Just because you do an auction doesnt mean a buyer will show up.
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Old 01-05-2018, 02:35 PM
 
Location: Stuck on the East Coast, hoping to head West
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Quote:
Originally Posted by Bungalove View Post
When my husband died, I sold the home at auction because I was moving to a smaller investment home I already owned (I didn't need such a large home anymore). I contacted an auctioneer with whom I was familiar and who I also knew had a realtor on staff. They came to look at the property and I told them the minimum amount I needed for the house (the "reserve" amount). The auction house took care of all advertising and showing of the property in advance of the auction. The beauty of the auction process is that the buyer pays the premium (buyer's premium) on top of the auction price, so there is no commission for the seller to pay. It was a very easy process for me, as I had enough estate details to handle besides the house. The only holdup was scheduling the auction; that took three months due to the auctioneer's busy calendar. However, three months is a fairly short time from signing the paperwork to sale IMHO.
Did potential buyers have access to the house prior to the auction? In other words, did you still have to deal with showings?

Did buyers have capability to do an inspection before buying?
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Old 01-05-2018, 04:24 PM
 
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Quote:
Originally Posted by bande1102 View Post
Did potential buyers have access to the house prior to the auction? In other words, did you still have to deal with showings?

Did buyers have capability to do an inspection before buying?
The house is still listed. We have a showing Sunday.
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Old 01-05-2018, 04:41 PM
 
Location: Virginia
10,051 posts, read 6,340,546 times
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Quote:
Originally Posted by bande1102 View Post
Did potential buyers have access to the house prior to the auction? In other words, did you still have to deal with showings?

Did buyers have capability to do an inspection before buying?
Since the auction house had a realtor, he handled the showings. As at any auction though, they held several "preview" days where potential buyers could come and walk through the house, which cut down on individual showings.They do a lot of real estate auctions; it is the major part of their business nowadays (used to be more antiques oriented.) The buyers could have done an inspection if they had wanted, I suppose. However, I was at the house clearing stuff out a few days prior to the auction when they were having a preview and the auctioneer told me, in an aside, exactly who he thought would buy the house. It turned out he was right.
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Old 01-05-2018, 06:05 PM
 
Location: Bloomington IN
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For a variety of reasons we sold at our last house via a real estate auction. First, the auctioneer was also a real estate agent so was able to list the auction in the MLS. There were no showings. There were 3 "open houses" that were well advertised. Any buyer had to attend the open houses. There was no inspection contingency so any inspection also had to be done during the open house hours. No financing contingency in our contract. We selected the closing date.

You should know there are 3 types of real estate auctions: https://www.nar.realtor/auctions/types-of-auctions We had a reserve auction (kind of--it was a little different than described in the link). We removed the reserve during the live auction after a certain price was met. That price was up to us, and only we knew it. It "forced" the buyer's hand kind of.

The following will vary based on the auction company. We paid several thousand dollars for marketing/advertising in advance. We lived near a large city at the time so advertising was expensive. It was still less than a realtor's commission on our house The buyer paid a 10% fee to the auction company. That's how they made their money.

One downside we experienced was that the eventual buyers showed up at every open house. We can't be sure, but we think they were trying to scare other buyers off. The agent brought an extra person to the next open house that stayed by their side.

If you want to do this, you need to call a few auction companies in your area and find out how they work.
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Old 01-09-2018, 06:28 AM
 
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Hello Bungalove. I have sent you a PM. Thank you!
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Old 01-09-2018, 06:34 AM
 
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Rrah, I sent you a PM. Thank you!
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Old 01-12-2018, 01:39 AM
 
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Clearly, your home is not an easy sell, so you need a realtor. But you need a competent realtor. Before going the auction route, I'd recommend that you change realtors.
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Old 01-12-2018, 05:42 AM
 
6,321 posts, read 10,274,013 times
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It’s been listed continuously for 5 years?? Definitely agree that most people that see it will think something’s wrong with it. 2 price drops in five years is nothing, although technically prices should have increased since it was first listed. When was the last time you dropped the price and by how much?

I’d give the MLS another shot before resorting to an auction. I could be wrong, but doesn’t an auction sale need to be in cash? You’re likely eliminating a lot of potential buyers if so (assuming you are correct that it’s not a fixer upper and someone can actually get a loan on it). Maybe dropping the price by a significant amount (to maybe slightly more then you’d accept for an auction) and holding an open house could drum up some interest.

As long as it’s on the actual MLS, people should see it. The fact that it’s not on the agent’s specific website shouldn’t really effect whether people see it, but it may be a sign that your agent isn’t great.
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