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njackie

Beach Lover
Nov 18, 2004
219
10
I know that you are all much more knowledgable than I about these matters but we really did just sell a condo in Seagrove and we did just fine, we had owned for six years and we are going to hold on to other properties there. Perhaps I am just reading this board incorrectly?
 

Cork On the Ocean

directionally challenged
njackie said:
I know that you are all much more knowledgable than I about these matters but we really did just sell a condo in Seagrove and we did just fine, we had owned for six years and we are going to hold on to other properties there. Perhaps I am just reading this board incorrectly?

Hi njackie,

Did you sell it at auction?
 

njackie

Beach Lover
Nov 18, 2004
219
10
OH NO! Once again I am on the wrong thread! Sheesh! Listed with one very nice realtor, and another VERY nice realtor sold the listing. Very professional!
 
Smiling JOe said:
Cork, for all I know, they did sell, but it is interesting to me that some of the properties have a sold banner and others do not. :dunno: I guess the back up plan is that if someone's bid isn't high enough for the seller, the seller would simply bid on his own property and take a hit on closing costs and fees?


Joe & Cork,

The "Sold" or "Under Contract" banner really doesn't mean anything with our company. Sometimes we put'em up, sometimes we don't. Might just be whether or not we have them with us.

There is no "back-up" plan. The market will protect itself. With respect to an "Absolute Auction", by Florida law a property advertised as "Absolute" MUST change hands. In addition to that, the seller, or seller's representative is NOT allowed to bid on their own property. It's illegal, and we will not allow it.

The exception to this (and it's not really an exception for reasons noted below) is the disolution of a partnership. Individual partners may bid in their own interest , but not in the interest of the partnership. If they are the successful bidder they must close. Individual partner bidding is permitted because this process is often used to establish fair market value among partners (business, marriage, etc.) who disagree about the values of various assets. Often when this happens all partners are outbid by non-partners. Everyone wins. Former partners get their money (divided accordingly) and someone else is happy with their auction purchase!

Hope this helps!
 

Smiling JOe

SoWal Expert
Nov 18, 2004
31,648
1,773
Highbidder, thanks, that does answer some of my questions. My big question still remains regarding the lack of the sold banner. This is not a physical banner. The absent banner is on their website. For example look at 9539 Monaco Circle Navarre, FL 32566 which was selling absolute auction. It does not indicate that it is sold. However, the next listing also features "absolute auction," yet it states, "sold." Here is the link.

From Anderson's website, some of the benefits of auction , which are not exactly true when the properties do not sell (like most of the recent auctions), are:
-The Auction process allows you to liquidate your real estate
- The Auction process lets the seller know that the property will be sold at true market value
- Auctions Accelerate the sale of your property
- The seller knows exactly when the property will sell


:scratch:
 

Pirate

Beach Fanatic
Jan 2, 2006
331
29
So did the White Cliffs house sell at auction or not? What was the price?
 

Smiling JOe

SoWal Expert
Nov 18, 2004
31,648
1,773
Just how accurate their website may be is unknown to me, but they feature 3 properties from the April 1 auction as being sold. There were reported to have been 19 properties being auctioned that day by Roebuck.

From their press release, "Even though every property was not sold, the sale itself was considered very successful."

I am glad to see that a few properties sold, but if they call that "successful" after bragging that one of the benefits is to know that your property will sell on that day, they have a skewed sense of success. That is a success for 16 percent of the customers, and a failure for 84 % of their customers. I don't get it. :dunno:
 

ecopal

Beach Fanatic
Apr 26, 2005
261
7
If you are a "seller " at an auction and it doesn't sell do you still have out of pocket expenses to the auction company? If so how much? Thanks.
 
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