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Anybody ever sell a house via auction?

Posted by daba78 (My Page) on
Fri, Nov 28, 08 at 17:07

Hi --

I was wondering if anyone here had any experience with selling a house at a real estate auction.

I suppose that it's a relatively quick way to get rid of a house, though probably not the best price is gotten by the seller.

I assume that the seller can set a minimum price which he or she will accept for the property. Also, I'm guessing that if the high bid does not meet the seller's desired price, the seller can choose to accept a lower price anyway.

I further assume that the auctioneer normally receives a percentage of the sale price if the property is successfully auctioned. If the bids do not reach a bid which is acceptable to the seller, I'm sure that the auctioneer receives some compensation if the property doesn't sell. Are these commissions and fees standard everywhere, or are they dictated by local custom? Thanks.

Follow-Up Postings:

RE: Anybody ever sell a house via auction?

I understand that's the norm in Australia -- at least, according to my sister, who lives there now. You might want to Google some Ausie real estate sites to see if there's anything useful.

My two cents -- If you're trying it in the U.S., since folks aren't really familiar with the whole concept/process, I'd be VERY clear in my instructions and explanations. Things like inspections, open house viewings, measurements, disclaimers, closing requirements, fees over and above the auction price.

RE: Anybody ever sell a house via auction?

I've seen them advertised around here, usually estatesales. The minimum price set I've seen has been what they'd want for it on the MLS, i.e. not a particularly bargain price so I haven't attended any. Its seems more like they're hoping for a fast sale or a bidding war but if not just put it on the MLS. So why go stand in the cold unless I'm want it so bad I'm willing to pay over the asking price?

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