Auctions? Are they good or bad?

By
Real Estate Agent with M and T property management LLC

I have always thought of auctions as a great way to buy Homes, cars, and many other things. I want to ask people what they think about them? It seems to me that the people holding the auctions make money, The agents in the industry make money. The lenders make money. I just wonder if people that go to the auctions realise that they are a part of all them making money. They are footing the bills?  Now I know some will say, "I do that now with out the auctions." I want to ask "do you?"

Could be be possible to get the same deal with a buyer agent from the MLS? I think people with hopes of getting great deals from auctions are looking for that big fish story that someone told them about. Are they wasting time by going to competing auctions where so many people have no clue what to do at these places and bid on things sometimes they don't even see. Where is the deal?

Matt the MARINE says sound off and let me know what you think.

Here is a link to show Detroit and a recent auction. http://abcnews.go.com/Video/playerIndex?id=2962515.

 

Matthew Meli

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Michigan Wayne County Detroit
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Rainer
7,506
Matthew Meli
M and T property management LLC

To my new friend Billy Burke, CAI - AARE , It looks like we both feel strong about what we do. I would welcome you to meet me here in Detroit. We could both benefit from that happening. You could even come back from your trip and say something nice about Detroit.

I can understand how you feel about the auction being open for all. I will let you know that in Detroit as you stated,we are in a down market. We have a lot of listing to choose from at many different prices. Sometimes it is hard to even get an offer. I would have to say it is a rare thing to happen to have multi "good" offers at the same time. As far  as you saying what an agent can and can't do, are wrong. I read what you stated and it is clear we don't work the same way. It depends on who you are working for. If I know that there is something wrong I have to disclose it, aways!Thats is the law. As a buyers agent, It is my job to work for them only. I would do the same for a seller as well. I aways welcomed agents to buy my listings. I see it as two different topics, buyers / sellers agent. In the past I have pasted on being both, even in our down market. I aways try to do what is right. not saying doing both is wrong, It's just hard to be both, it is a fine line, and could get a person in a ton of trouble. This seams to going to a different topic.

I know that laws change from state to state and we are not all on the same page, but that's why I like sites like this, they help us all learn. You are right about going round and round, So please come to Detroit.

Thanks for sounding off!! See ya soon

-Matt the MARINE

March 27, 2007 12:08 PM
Rainmaker
175,663
Robert McArtor
Top Listing Agent for Baltimore and Harford County
RE/MAX Components - Fallston Maryland

Matthew....gotta love you man.

As Billy said, a Marine doesn't back down. being a military brat myself, I have a great appreciation for that. It is however, frustrating to read your initial Blog, as if you were a novice to the "Auction Method of Marketing"? and if you are....then listen to some of the experts in the field. Whether you agree or not, Thousands of Properties are SOLD using the Auction Method.

You are receiving great advice here but you keep going on the defensive with little statements here and there. A good Marine knows when to zip it and listen to a Colonel in the Army of Auctions...(Billy Burke owes me a drink for that one).

Auctioneers for years have understood the role of Real Estate Agents, accepted the traditional sales method and even encouraged Buyer Agent participation. I have worked with MANY agents in mutually beneficial deals with one goal in mind....Meet the Sellers REALISTIC expectations then GET PAID! 

Fact - Auctions of residential and other types of properties have been growing steadily around the U.S. Some $14.2 billion in residential real estate was soldthrough auctions in 2005, up 8.4 percent over the previous year, according to the National Auctioneers Association (NAA).

If you are an Investor and not actively seeking out Auctions as a source of building your inventory, you are missing out!  The properties bring FAIR MARKET VALUE......Period! Fair Market Value based on condition, location of course.

From a Military Brat of a Chief Master Sergeant of the Air Force to a Marine! Have a Great and Prosperous Day......when you or your client get into a situation with a property and you need to sell.....an Auctioneer will get the job done for you! Don't discount their methods, they have been around since the beginning of ROME and will always be around.

 

 

March 27, 2007 01:24 PM
Rainer
7,506
Matthew Meli
M and T property management LLC

Thanks for the advice and and phone call. I will say it takes a big man to do and say what you have. I will agree to disagree with you. As far as the comments made on this blog, I see the value of it. If the world was all the same we would be bored out of our minds. I respect a person that takes the time to make a call and say they are sorry. I truly mean that. Thank you.

Robert, I will always stand for what I think is right.  You know what they say.. "If you don't stand for something, you will fall for anything."

Semper FI Do Or DIE

Matt the MARINE says, thanks for sounding off!!

March 27, 2007 02:03 PM
Rainer
7,506
Matthew Meli
M and T property management LLC

I sure hope that after all this people will see that Detroit is not all that bad. Join my group @ Detroit on this group seach.

Thanks again all

Matt

March 27, 2007 05:21 PM
Rainer
7,506
Matthew Meli
M and T property management LLC
Sorry I had to delete that one guys.
March 31, 2007 04:12 PM
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Rainer
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