Hi All,
I was wondering if anyone was familiar with agent in-house auctions. This is a fairly new concept to me but I understand is used a lot more in other countries.
My mother in-law is selling her home and is exploring this as an option and I wanted to know if anyone has been/used one and what their thoughts were?
Without knowing too much my initial thoughts have been:
PROS
- Only serious buyers will attend
- Can hide flaws such as noise (For example if you lived on a main road the constant noise could deter buyers)
- Protect from weather (I understand you could hold the auction in the house but depending on the crowd it could make it cramped given a bad sense of size).
CONS
- People simply may be put off by this as it is not the norm
- Will minimise emotion and we all know that is where the major money is made. If you have a lovely garden and got a perfect day it will just enhance emotion if auctioned at the house.
- They are usually done on a weeknight which after work could have some buyers in a negative mood
These are just a few I can think of for both pros and cons.
Agent In-House Auctions
I was wondering if anyone was familiar with agent in-house auctions. This is a fairly new concept to me but I understand is used a lot more in other countries.
My mother in-law is selling her home and is exploring this as an option and I wanted to know if anyone has been/used one and what their thoughts were?
Without knowing too much my initial thoughts have been:
PROS
- Only serious buyers will attend
- Can hide flaws such as noise (For example if you lived on a main road the constant noise could deter buyers)
- Protect from weather (I understand you could hold the auction in the house but depending on the crowd it could make it cramped given a bad sense of size).
CONS
- People simply may be put off by this as it is not the norm
- Will minimise emotion and we all know that is where the major money is made. If you have a lovely garden and got a perfect day it will just enhance emotion if auctioned at the house.
- They are usually done on a weeknight which after work could have some buyers in a negative mood
These are just a few I can think of for both pros and cons.
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