Property Auctions

[HighBidder]

If you think about it Cork you are not paying more to close! I don't know if you are familiar with this particular auction process. The properties will be reduced significantly from the original prices they were listed on the market for. So the buyer will still come out nicely. An auction is not to trick buyers or pressure them if that were the case they would not be around. I think you may need to contact the companies to ask these questions or concerns you may have before saying something that may not be true to this particular auction.

Thanks for the vote of confidence, Blue.

With one exception, you certainly have a good understanding of how this works. That exception would be lower price. Although in this case I believe you'll probably be right, the beauty if the auction is that buyers set the value. If strong buyer representation is present, we can only hope that the seller realizes that we have acheived market value for that particular property, under those terms & conditions, at that particular time. When the seller understands that we have all the money that is available, they then decide whether they would rather have the cash, or continue to hold the property(and it's associated costs) indefinitely, or throw the deal on the table out and continue to negotiate by private treaty (Risky...the buyer is free to walk).

As you can see, it's just as important for a seller to understand the entire process as it is for the buyer!

I'm on the road in 30 minutes to see you guys. Let's have an auction!

 

[Cork On the Ocean]

Cork,
Thanks for the questions you've presented in the last day or so. Sometimes we don't truly realize what people "don't" understand unless they really challenge us to explain ourselves. You have a good understanding now of what we do, & how. Saturday will be fun.

With regard to values, at this point I won't even hazard a guess as to where they end up compared to comps & asking prices. There seems to be an awful lot of property on the market in that area. It won't last long but it will probably weaken the bid price. What you can be sure of is that the buyers will have a stopping point, and only they really know where that is. As I said before, in the past I have seen auction values both above and below area comps and appraisals. The buyers will tell us what the property is worth right now. We'll all be a lot smarter on Saturday afternoon.

We don't utilize MLS services as we sell all over the country and consequently couldn't be a member of each group. 30-A Auction Services may choose to, though. If so, then I would applaud it.

Get registered by your visiting buyer by Friday afternoon. It won't cost you anything but preventing the risk of lost opportunity. If your buyer should decide to jump in & buy, I couldn't pay you unless you are properly registered. Contact Karen in my office for a BP form. She'll fax it right out. (800) 257-4161

Long day tomorrow. Please contact me on my cell should anyone have any questions. (863) 581-9306

See you at the auction.

High,

I have asked my buyer if he wanted to register. He's an out of state realtor and prefers to have us show him properties. He assures me that he has no interest at buying at auction and will be meeting with one of my agents on Sunday for showings.

Understand the MLS costs, belong to 3 of them across state. Do we have a smiley with empty pockets, Kurt?

Will be looking forward to the outcome and we'll be having some open houses from Watercolor through West Panama City Beach to piggyback onto your great advertising . Thanks for bringing buyers to the area this weekend. Hope we get some stuff moving.

Good Luck

 

[imasunbum]

Any comments on the auction this morning? Anybody attend that might have info?

 

[GaltsGulch]

Also awaiting word on how the auctions went off. Please post if anyone has any info.

 

[Smiling JOe]

Yes, where is High Bidder? I hope the auctions went well. We need the details, please.

 

[Rita]

Yes, where is High Bidder? I hope the auctions went well. We need the details, please.

Maybe counting his money?

 

[ecopal]

I have heard from people who attended the auction Saturday that it did not go well. Top bids on some properties were about half of what sellers hoped for. Of the few properties that did sell it is my understanding that the bids were low and the sellers can have so many days to back out of the deal. However, I look forward to hearing more reliable specifics.

 

[HighBidder]

Well Gang,

I'm here. We had a large crowd and the bidding was about where we expected it to be.

I'll be glad to expand on the auction results, but I too have been waiting to hear the opinion of all the pundits who were so eager to bless us with their knowledge prior to the sale.

I'm sure some of them were in attendance. Let's hear what they have to say.

 

[Rita]

Well Gang,

I'm here. We had a large crowd and the bidding was about where we expected it to be.

I'll be glad to expand on the auction results, but I too have been waiting to hear the opinion of all the pundits who were so eager to bless us with their knowledge prior to the sale.

I'm sure some of them were in attendance. Let's hear what they have to say.

This is confusing to me .... why do you care about "pundits" when you have the facts?

 

[HighBidder]

This is confusing to me .... why do you care about "pundits" when you have the facts?

Hi Rita,

Cool Pic.

I spent a tremendous amount of time last week trying to belay a significant amount of anxiety that had no material basis in fact. None, at least, with respect to our company and the auction process in general.

I'm really under the gun at work now, but here's the scoop...

I'll respond at length iin a day or so. In the meanwhile I'd like to hear the opinions freely announced in this forum by anyone who did, in fact, attend the auction.

BTW, as noted earlier, bid prices acheived were only about half what sellers were hoping for, but most sellers would have made a siginificant profit in comparison to purchase price. Please note the number of properties currently on the market in your area, and then read my earlier posts regarding supply & demand.

I'll talk about it all at length in a day or so.

Take care.