Despite stigma, some sellers are voluntarily stepping up to the auction block.
For some, opting to auction their properties in order to salvage a sale after a listing has been on the market for longer than normal, according to Mansion Global.
“Days on market are not your friend. It’s like U.V. rays from the sun: The longer you’re out there, the more you’re getting burned,” Concierge Auctions’ founder and president Laura Brady told MG.
For example, Ric Souto of Slifer Smith & Frampton Real Estate and his clients opted for an auction with Concierge for a Vail property that was first listed in 2015 for $7.4 million and didn’t receive a single offer.
“It has become obvious that once the word ‘auction’ is introduced to the marketing message, it creates a new level of interest for the property,” he told MG.
Other sellers choose auctions because they want to free up cash fast without the headaches of closing a deal. Auctioned properties come as-is and most deals close in cash within two months.[MG]