I'm an auctioneer that usually talks sellers out of Auction!

By
Real Estate Agent with Better Homes and Gardens Real Estate Metro Brokers

Auction AssociatesYes Indeed. Sounds strange, but it's true.It isn't that I don't believe in auction as an aggressive and wonderful marketing tool for selling real estate, it's just that the market has changed and there are many reasons that auction won't work today.

The number one reason is competition from bank foreclosures and other REO properties. They offer great terms, and bargain prices. Unfortunately. most sellers look at auction as a last resort, and wait until the property is stale before putting it on the auction block!

Auctions are expensive and time consuming, and we are not in the business to lose money. Here's the key principle:

If a property won't sell for any reason. those reasons will not be overcome by auctioning the property! Auction isn't for properties that won't sell, it's for properties that everyone WANTS!

So if it's a house that has been sitting for six months, I won't touch it, unless you are VERT WILLING TO TAKE A LOW-BALL PRICE!

But any auctioneer will be glad to discuss auction with you, and it may be a viable option. We are always willing to "talk turkey" with sellers about the auction process! 

Richard Weisser, Broker, Associate Broker, Auctioneer, E-Pro, CE Instructor
Era United Realty, Newnan Georgia, Coweta Fayette Real Estate, Inc.
Serving Coweta, Fayette, Heard, Meriwether, South Fulton, Pike and Spalding Counties
770-827-6225, 770-683-8400 X364, 770-683-8401 (FAX)
All content, including text, original art, photographs and images, is the exclusive property of Coweta Fayette Real Estate, Inc., and may not be used without the expressed written permission of Coweta Fayette Real Estate, Inc.  Copyright 2003-2008.

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Rainmaker
340,180
Eric Reid
Renaissance Realty Group of Keller Williams Atlanta Partners - Lawrenceville, GA
So you dont see a time when banks will turn over their REO inventor to you and ask you to "Just sell it we need to clear inventor quickly' ?
March 17, 2008 10:17 PM #1
Rainmaker
1,756,970
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.
Richard...I am glad to here that.  I am usually trying to talk the buyers out of going to an auction.
March 17, 2008 10:18 PM #2
Ambassador
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Chris Ann Cleland
Long & Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Northern VA

Richard:

Seems a lot of people like the IDEA of an auction, until they hear how they really work.  The 10% buyer paid commission on top of the sales price is prohibitive and usually brings the ultimate sales price up to market value. 

March 17, 2008 10:20 PM #3
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Richard Weisser
Better Homes and Gardens Real Estate Metro Brokers - Newnan, GA
Richard Weisser Coweta Newnan Homes for Sale

Eric...

Lordy lordy, I wish they would! That would be one SUCCESSFUL auction! Thx.

William...

I believe in telling it like it is! Thank you for commenting!

March 17, 2008 10:21 PM #4
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Richard Weisser
Better Homes and Gardens Real Estate Metro Brokers - Newnan, GA
Richard Weisser Coweta Newnan Homes for Sale

Chris...

You're right ... you need a property that can command a premium price, not a run of the mill home! Thanks

March 17, 2008 10:53 PM #5
Rainer
65,301
Jan Evett
Ryan Properties - Panama City Beach, FL
Panama City Beach, FL

Richard,

How do you see auctions doing over the summer months?  Do you ever do any auctions on Florida properties?  We've just had a huge estate auction here, just wondering if you've heard about it.

March 18, 2008 11:02 AM #6
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Richard Weisser
Better Homes and Gardens Real Estate Metro Brokers - Newnan, GA
Richard Weisser Coweta Newnan Homes for Sale

Jan...

Auctions typically do better in the summer months. We are only licensed to Auction in GA, but we follow Auctions in the region and did take notice of the FL auctions!

March 18, 2008 03:45 PM #7
Rainer
67,568
Sandra Carlisle
First Team Estates - Corona del Mar, CA
Residential Sales & Property Management
We've seen several "auctions" try and take place around here, then the home is back on the regular market a few days later.  The owners don't want the low offers that come in at auction.
March 18, 2008 03:55 PM #8
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Richard Weisser
Better Homes and Gardens Real Estate Metro Brokers - Newnan, GA
Richard Weisser Coweta Newnan Homes for Sale

Sandra...

You need a good auctioneer that will tell you specific chances of success at auction. I told a gentleman today he had a 1 in 4 chance of success at auction and he still wants to move forward. It is an informed decision on his part.

March 18, 2008 05:00 PM #9
Rainmaker
244,206
April Hayden-Munson
Brookfield, WI
Brookfield Wisconsin Real Estate
Richard, How did you get in to this niche? I tried clicking on your biography on your profile and got some darned error message. Some days computers are sooo frustrating. LOL
March 19, 2008 11:32 AM #10
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Richard Weisser
Better Homes and Gardens Real Estate Metro Brokers - Newnan, GA
Richard Weisser Coweta Newnan Homes for Sale

April...

Well thank you ... the link was indeed not working! I have corrected that now! I got into auction by accident! We started a company, hired an auctioneer, fired him, we were stuck without an auctioneer and I volunteered to go to school and get my auctioneer's license! I'll write all about it in a blog later today or tomorrow!

March 19, 2008 02:52 PM #11
Rainmaker
84,303
Edward Wadsworth
Better Homes Garden Real Estate Metro Brokers - Newnan, GA
Free list of Bank Owned Homes
Richard, i agree in todays market people who are attending autions are bottom fishing and are a waste of time in most cases.
March 22, 2008 06:13 PM #12
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Richard Weisser
Better Homes and Gardens Real Estate Metro Brokers - Newnan, GA
Richard Weisser Coweta Newnan Homes for Sale

Edward...

Yes, we are seeing a lot a people seeking to get something for nothing! It's frustrating all right, but it's a part of where we are at in the market!

March 22, 2008 08:19 PM #13
Rainmaker
487,038
Lorraine or Loretta Kratz
Crescent Moon Realty, Inc. & Land N Sea Auctions. - San Marcos, CA
Certified Negotiation Consultants

Richard:

Here in California, the auctions that come in do well. They are all bank driven. I think that auctions are very viable, if the seller is motivated.

March 23, 2008 05:48 PM #14
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Richard Weisser
Better Homes and Gardens Real Estate Metro Brokers - Newnan, GA
Richard Weisser Coweta Newnan Homes for Sale

L&L,

Right you are! If the seller can take the hit, and put out enough properties to get enough interest, it works! I am speaking here of non-institutional sellers who are unwilling to suffer possible losses. Thanks for your comments.

March 23, 2008 06:20 PM #15
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