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Sell Your House in Five Days?
By JLP | March 1, 2006
Auctions work for books, old movies, clothes, and cars but will it work for selling a house? According to this CNN/Money article titled A 5-Day Plan to Sell Your House, auctions are gaining in popularity among home sellers. The process works like this:
1. Wednesday start advertising in newspapers, signs, and media. State that the home will be awarded to the highest bidder after a two day open house.
2. Sellers set startling low selling prices. Kinda reminds me of eBay.
3. At the open house, all attendees are told to sign-in and place a written bid on the sign-in sheet.
4. After the open house has closed on day 2, the sellers conduct bidding over the phone by calling each bidder and asking them if they would like to raise their bid.
5. Repeat step four until there is one bidder left.
So, what’s the risk? I suppose there is the potential of selling your house for a much lower price than you wanted. However, I would think this would only be a problem in smaller towns. I don’t think it would be a problem in a large city.
It’s an interesting idea. One that I’m sure will make real estate agents cringe.
Topics: Housing Market |