Going once, going twice… When auctions can be the best way to sell homes

Instead of risking their listing languishing on the market, some sellers are opting for a comparatively speedy auction

Jul.July 28, 2018 01:27 PM

(Credit: Pixabay)

Despite stigma, some sellers are voluntarily stepping up to the auction block.

For some, opting to auction their properties is their best bet to salvage a sale after their property has been on the market for longer than normal, according to Mansion Global.

“Days on market are not your friend. It’s like U.V. rays from the sun: The longer you’re out there, the more you’re getting burned,” Concierge Auctions’ founder and president Laura Brady told MG.

Ric Souto of Slifer Smith & Frampton Real Estate and his clients learned the hard way. They opted to auction a Vail property with Concierge that was first listed in 2015 for $7.4 million and never received a single offer.

“It has become obvious that once the word ‘auction’ is introduced to the marketing message, it creates a new level of interest for the property,” he told MG.

Other sellers choose auctions because they want to free up cash fast without headaches–auctioned properties come as-is and most deals close in cash within two months.[MG]

Related Articles

924 N. Clark Street and owner of the mansion, Rishi Shah

Revealed: What accused fraudster Rishi Shah paid for one of Chicago’s grandest mansions

Wolf Point East at 313 W. Wolf Point Plaza and Nema Chicago at 1210 South Indiana Avenue (Credit: Hines, Nema Chicago)

Over 10K new apartments could flood Downtown Chicago by 2022. But there’s a catch

EquityBuild's Shaun and Jerome Cohen and one of the corporation's properties at 7549-7559 South Essex Avenue (Credit: Google Maps)  

Ponzi scheme fallout: South Side has thousands of distressed apartments

Chairman and CEO of Taylor Morrison Sheryl Palmer and Townhouses at Riverbank Crossing in Geneva

With Chicago area home sales down, homebuilder Taylor Morrison is out

Co-founder, President and CEO of CLK Properties Craig Koenigsberg, Heritage Village Pointe in Des Plaines (Credit: Google Maps)

CLK Properties closes on massive condo deconversion in Des Plaines

No. 9 Walton (Credit: Google Maps, iStock)

Chicago’s ultra-luxury resi market had a no good, very bad year

Peerage Capital Founder & Executive Chairman Miles S. Nadal (Credit: iStock)

Biggest resi brokerage player in Canada to acquire stake in Jameson Sotheby’s: sources

Northwestern Mutual CEO John Schlifske, Morguard CEO Rai Sahi and the Marquee at Block 37 apartments (Credit: iStock)

Northwestern Mutual revealed as lender of massive Loop resi tower buyout