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Real Estate Auction
Old 10-20-2006, 07:39 PM   #1
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Real Estate Auction

I'm planning to sell a residential property at auction. Has anyone had any experience at this? What are some of the pros and cons? Are there any advantages to the seller of an absolute bid over a minimum bid contract?

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Re: Real Estate Auction
Old 10-20-2006, 07:54 PM   #2
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Re: Real Estate Auction

I looked into doing this with my property. The auctioneer wanted $3,000 up-front, non-refundable to do "advertising" before the auction. If the auction didn't bring whatever price I wanted, I could turn down the offer, but I would be out the $3K anyway. I decided to go with a regular broker.

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Re: Real Estate Auction
Old 10-20-2006, 07:57 PM   #3
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Re: Real Estate Auction

I just did this in Fla. on a vacant piece of land. Only cost $150, we had one offer which was too low.

3K is way too high for an auction.
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