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Old 02-05-2018, 07:49 AM
 
Location: Eugene, Oregon
187 posts, read 102,360 times
Reputation: 346

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We listed our house for what we paid for it in 2006 + 20% of the costs of upgrades then we listed it just for what we paid for it eating the $100K of upgrades. Still no interest. Has anyone used this auction site? https://www.realtybid.com
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Old 02-05-2018, 08:09 AM
 
Location: Rochester, WA
3,832 posts, read 2,053,214 times
Reputation: 10577
If that is the ONLY way you're listing your house, you're missing out on most of the potential buyers, who won't use an online auction site to buy a house.

If you are selling it as an updated, full market value home, you're not the kind of house the buyers who DO use online auction sites, are looking for. Online auction sites are mostly used by investors, buying fixer and rehab projects to flip. They don't want to pay full market value.


We had buyers who were very interested in a property that was at an online auction site. It was a high end horse property - in the top 2% of the local market. The broker would not accept offers on traditional contracts, only the online auction. The limitations of the way the site functioned meant they could not put in their best offer on it, an offer that would have put them close to full asking price, and it sat there for 5 months while we tried to work out some alternate way of communicating with the broker. It's like putting a big cumbersome obstacle course between you and most buyers.
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Old 02-05-2018, 11:45 AM
 
Location: The Triad (NC)
26,855 posts, read 57,874,473 times
Reputation: 29271
Quote:
Originally Posted by Djkingman View Post
We listed our house for what we paid for it in 2006 + 20% of the costs of upgrades...
OK. How does that number compare to the comparable properties and recent sales...
you know, the only way to determine a price close to reality?
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Old 02-05-2018, 11:47 AM
 
2,393 posts, read 4,860,508 times
Reputation: 4511
If you use an auction site, you will probably get your 2006 cost MINUS an unknown, but probably large amount.

You will get your best price by exposing it to as large a pool of potential buyers as possible, at an appropriate asking price.
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Old 02-05-2018, 12:28 PM
 
Location: Salem, OR
13,743 posts, read 31,562,927 times
Reputation: 12105
Quote:
Originally Posted by Djkingman View Post
We listed our house for what we paid for it in 2006 + 20% of the costs of upgrades then we listed it just for what we paid for it eating the $100K of upgrades. Still no interest. Has anyone used this auction site? https://www.realtybid.com
The Oregon markets are too hot for this. You are either overpriced, have a unique property, or had poor marketing if you didn't sell in Eugene in this market. Do you have a unique property? If you have a unique property auctions don't work for those. The biggest downside to doing an auction with a non-distressed property is that people are generally looking for deals with auctions.
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Old 02-05-2018, 06:48 PM
 
Location: Saint John, IN
10,638 posts, read 3,316,997 times
Reputation: 12748
OP, you're getting no bites because no one goes to auction sites unless they are looking for HUGE discounted properties. Your discount is not big enough. Plus, your reasoning in your sale prices makes no sense! You would be better off speaking with a realtor and getting a market analysis so you can price your home for sale based on comparable homes that have sold in your area. 2006 was top of the market so you can't sell a home now based on what you paid back then and what you put into it. Even if you are taking a loss on what you have put into the property, it just doesn't work that way. When a buyer comes along they will most likely need an appraisal for a loan and the appraisal will be based on comparable homes sold nearby. You need to know what other homes have sold for in the area and base the sale price on that. I suggest speaking with a realtor or getting an appraisal to figure that out.
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