Despite stigma, some sellers are voluntarily stepping up to the auction block.
For some, opting to auction their properties is their best bet to salvage a sale after their property 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.
Ric Souto of Slifer Smith & Frampton Real Estate and his clients learned the hard way. They opted to auction a Vail property with Concierge that was first listed in 2015 for $7.4 million and never received 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 headaches–auctioned properties come as-is and most deals close in cash within two months.[MG]