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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Lizzie Tudor who wrote (63434)10/7/2006 1:29:36 PM
From: TradeliteRead Replies (1) of 306849
 
My experience is pretty much in line with your remarks about auctions.

I think people overestimate what auctions can achieve and whether there are actually many that can be regarded as a raging success.

Properties don't overcome the long-lasting "auction taint" easily, and I wouldn't want to get in a bidding war with anyone for something that obviously didn't sell on its own in the open market. As a buyer, I'd like the market to tell me what something is worth, rather than stick my neck out and assume at an auction what should be paid for it. People showing up for an auction definitely do not represent the market as a whole.

The brokerage firm I used to work for started the auction thing around here and had a superb auctioneer who soon had other firms listing their properties with her/our firm for auction. The phenomenon died as quickly as it had sprung up in the first place.

I tried to get one seller to put his place up for auction--no luck after he got an explanation of all it entailed from the charming woman auctioneer. I agreed with him, but thought I should offer the option if he was interested.

That auctioneer was quoted in the paper recently....no longer associated with my former firm, but obviously trying to get noticed again, probably because the market has turned.
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