The property was advertised in newspaper networks in MD DE DC PA NJ reaching over 2-million potential readers which produced the second high bidder at $410,000.00 a Maryland real estate investor.
The third place bidder an executive from Western Maryland set their value at $400,000.00 was drawn in by small "Bandit signs" placed on the causeway leading to the Island.
Winning bidder is a general contractor, builder, investor, apartment building owner from Long Island, NY who was delivered from the companies private "opt-in" e-mail list of people who register to receive auction notifications. They make a point to let people know their e-list is never rented or sold)
The fourth bidder group were a pair of locals totally blown away when the Maryland investor opened the bidding by crying out two hundred thousand dollars to the auctioneers request of an opening bid.
Bidding quickly escalated with the two groups of active bidders on-site and the investor from Long Island New York taking advantage of both Internet and telephone bidding through an auction assistant.
Four hundred thousand dollars do we hear four hundred ten now yes four hundred fifteen on the phone is there any raise over $415,000 do you want to call anyone and ask if you should bid more?
The property was sold with the buyer paying all the commissions and rebating the sellers' $3,495 auction entry fees without contingency and a 30-day hassle free closing.
The auction method of marketing real estate that has been regulated since Roman times proved once again after 4 weeks of preparation & marketing the pricing opened and closed in 6-minutes 34 seconds.
The seller was both relieved and pleased that amidst all the negative news of a tanking real estate market combined with mortgage lenders being forced to pay the piper for past sins, the value of her property was determined by a marketplace of eager cash buyers ready for a 30-day closing.
"Thank you very much I am glad you took this burden and stress out of out lives..." said Laura McCormack owner of the property she continued "I would like you to do my fathers property after he moves in with us later in the year."
REauction.com is setting industry standards being the only nationwide real estate auction company in the country to publish its price list, utilize state of the art marketing and is building a network of auction listing agents in Maryland, Virginia, Michigan and California with affiliates providing certified real estate auctioneer services to 50 states.
People who think that real estate auctions are new don't realize that realtors have only been around less than 100-years and monopolized real estate through control of the MLS.
A properly conducted professional real estate market will deliver 100% of the cash value 100% of the time.