Home auctions are making their way into the mainstream – if they becomes the standard, we won’t have to worry about portals, shenanigans, etc.
http://www.clickondetroit.com/news/a-new-trend-thats-selling-houses-in-a-snap/33234956
Jim Klinge
Klinge Realty Group
Broker-Associate, Compass
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IMO that would be risky at best for a 2000 sqf tract home (or any home with less than 1.5 million or so market value).
What’s the risky part? Buyers would show to any auction where there is no reserve.
Are sellers willing to sell for what the market will bear? Yes, it would seem risky if the seller had a pie-in-the-sky price expectation.
It will take a change in the mind-set, where realtors stop pandering to sellers’ greed and ego. Realtors would need to be convinced first that auctions are the best way to achieve top dollar, because until then they will just bad mouth them.
Whatever floats sellers boats, I would not put my house up for no reserve auction (unless seller had right to refuse any offer).
Yeah, I know.
We have a long ways to go on this topic.
But let’s imagine the results if the market was dominated by no-reserve auctions:
1. Motivated sellers only.
2. Motivated buyers only.
3. Realtor population would be reduced to a tenth of what it is today.
4. No agent shenanigans (coming soons, sold before processing, etc.)
From my perspective, that sounds like heaven.