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."