It seems each week I come across an advertisement about an upcoming real estate auction to be held in a particular city or neighborhood. I receive at least 1 call or email a week announcing an upcoming event and asking if I would like to participate.
Are real estate auctions a viable way to sell property in this market? Are they just another in a long line of gimmick marketing that rises up when markets go south? While I read about upcoming real estate auctions, I cannot recall seeing anything afterwards that mentioned the success of failure of the auction held.
Will an auction sell a home faster than a real estate agent can? Is the final auction price at or below market value for the home? If the homeowner had listed the home at or below the market value, I would suspect that they would have just as good of a chance to find a buyer as they do holding an auction for their house.
Are auctions selling homes? I am not sure, but will continue to try and find out.
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