Early last week, one of our clients took a buyer into a bank owned "REO" property where the bank hired a construction company to come in and paint, carpet, and update some things inside.  He said they could tell they took the lowest bid for the work because it looked like the work was done quick with little attention to detail.

   The property was priced right so he was pretty sure it would go fast.  His buyer is an investor so he was only interested at a price where he could "finish" the details and really make it shine (about 30% off their list price). 

   So, they submitted an offer at his price and they countered only $900 off their listing price.  Neither was surprised so we didn't think much of it.

   However ...

Real Estate Auction Marketing Brings Better Results!
Auction marketing is highly concentrated, which causes any potential buyers to be present at the event. Real Estate auctions create excitement and competition, in open bidding, which results in quick sales and higher prices to help achieve a fair market price.

Make it happen
Real Estate auction properties are marketed, sold and closed within 4 to 6 weeks, resulting in reduced carrying costs and overhead.
Time is Money
It is very expensive to hold property for months.  There is costly building maintenance, lot maintenance (mowing, etc.) insurance, taxes besides lost money making opportunities which can be had, by cashing out on unwanted real estate.
Auctions create Urgency
A property is sold on a specified day and time. This creates motivation in buyers who ...