No Money Down Real Estate Investing Course
Learn How To Buy Income Properties Without Risk, Good
Credit, Money Or Tenants!

Click here for more information
Welcome, Unregistered.
User Name
Forum Links
Site Navigation
Real Estate Resources
Go Back   Real Estate Investing > Real Estate General > Real Estate Daily News
Thread Tools Search this Thread Display Modes
Old 05-16-2006, 09:58 PM
Posts: n/a
Post Homeowners Skip Realtor, Put House Up For Auction

CINCINNATI -- Knowing they needed to make a quick sale on their Mount Adams home, Jean Heffernan and her husband decided to put it up for auction, reported WLWT-TV in Cincinnati.

The Heffernans opted for an auction instead of hiring a real estate agent, which would involve setting a high price for the property and then bargaining with potential buyers.

"The buyers come and haggle with you for a lower price," Heffernan said. "It's that haggling back and forth that we really don't like to do."

She said there's another benefit, too.

"We can take a lower price because we're not paying a huge commission to an agent," Heffernan said.

But it's a situation of buyer beware. If you think this sounds like a great way to get a great deal, you need to know the risks:

You get only one shot at getting the price right. There are no addendums or renegotiating after the bidding.

You have to have financing lined up before putting in a bid.

Without an agent, you're left to do all of the paperwork and make sure that all of the legal bases are covered.

But a real estate expert said Heffernan and her husband are taking a risk, too.

"You need to be well-versed in what you're doing with it, because you can get yourself into trouble," Realtor Scott Heise said. "I hope they're prepared to take whatever somebody brings, because by law they have to sell it for the highest and best bid."

Attached Images
Reply With Quote

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is On
Forum Jump

All times are GMT -8. The time now is 06:58 AM.

Powered by: vBulletin Version 3.0.8
Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.
Search Engine Friendly URLs by vBSEO 2.4.0
Copyright 2001 - 2006, Buy Income Properties, Inc. All Rights Reserved. Privacy Policy in Observance.