Case Studies - Real Estate Auctions
Desperate to sell second home, owners chooses auction.
The five-bedroom suburban home featured many amenities both inside and out. But after months on the market, the home didn’t have any offers. Paying on two mortgages, property taxes, insurance and utility bills, was taking a toll on the homeowners both financially and emotionally. Their real estate agent suggested the owners consider an auction and recommended Lawrence Auctioneering, an Accredited Auctioneer of Real Estate (AARE) and leading Minnesota real estate auctioneer.
The auction process took less than two months. The homeowners paid the marketing fees including targeted newspaper ads, mailings and signage.
On auction day, prospective buyers arrived with $10,000 down payment checks and credit letters in hand. Bidding was brisk. Within days of the auction, the homeowners and high bidder finalized the paperwork.
Selling at $670,000 at auction, the home sale ranked as the fourth highest auction transaction in the Multiple Listing Service (MLS) that year.