There are several auction companies that are outstanding resources for Real Estate Agents. They rarely sell for the agreed upon price, as a result they usually collect a referral fee from the Real Estate agent. Others use it as a gimmick to add to listings.
The kicker for almost ALL auctions is their target market. First time home buyers? NO Move up buyers? NO... Relocation? maybe.... main target? INVESTORS! That's right, I've spoken with several that spend up to $10K advertising directly to investors.
So, the question is, when an investor comes to look at your house at an auction, do you think he/she's coming to pay market price?
Another question is, Which is better?
A. Sell it in 6 months but close to what you agreed to
B. Sell it in an action for 70% (MINIMUM) value... more