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November 10 2013
Guest contributor Graham Wood of REALTOR®Mag says:
Real estate auctions aren't just for ugly foreclosures that banks are desperate to get off their books. Real estate practitioners are helping first-time buyers and trade-up home sellers find success as they belly up to the bidding table in low-inventory markets.
Private-owner auction sales edged out lender REOs as the most popular type of auction in 2012, according to PropertyAuction.com, though the company declined to provide specific figures. The allure of potentially selling a home more quickly than a traditional listing allows—and possibly at a higher price—makes auctions an attractive option for sellers. And buyers are finding more opportunities to bid on great deals.
Other real estate auction sites are responding to the demand for private-owner sales as well. Auction.com, for example, launched its division of nondistressed home sales a year ago, and since then it has sold 140 homes totaling $72 million in sales, says Senior Vice President Jennifer Leuer. "A lot of equity home owners are in Auction.com's inventory," Leuer says. "The number of people who are organically calling us has increased exponentially."
One of Auction.com's recent success stories was the auction of a 93-year-old man's seven-bedroom, nine-bathroom beachfront estate in Corona del Mar, Calif. The home went for $5.3 million—$1.8 million higher than the opening bid of $3.5 million.