There are numerous choices with auctions. I will tell you this, most auction at the moment are not fairing so well. Most buyers that go to auctions are professional investors and they are looking for a deal. The most popular auction is an "absulute action", this is when the highest bidder takes home the home no matter how low or high it is. I don't recommend it for you because it is attractive to the professional investors. The auction you may want to consider is a minimum bid auction. There is no guaranty to sell but it protects your asset, if there is no bid of your minimum price than you keep and and regroup.
I believe your best choice is listing with a new Realtor. I do not know why it has not been sold but I have been doing this for 16 years and If I have learned one thing it is all home sell if they are in a stable neighborhood, the condition is very good and it is priced to be one of the best priced homes on the market. Sometimes homeowners and Realtors focus to much on the neighborhood and not the overall area. Todays market it is vital to focus on the overall area bcause of the many homes that are for sale.
Patrick J. Tivnan
Unfortunately, you are in a situation that many people are in, both in MTP and nationwide. I am an experienced Realtor and even have some personal property that I have had a hard time moving. What I ended up doing, and I think is a good option, when even a major price-reduction doesn't work, is to rent the property. Many folks don't have the stomach for it, but it is way to stop the bleeding to some extent and hold on till the market rebounds. Charleston's economy is strong, and the long term looks good. Best of luck -- Bob Brennaman
Sometimes auctions are a good idea as long as your expectations for sale price are realistic and there is enough room between what you owe and the ultimate sale price. Homes are still selling in Mount Pleasant that are priced well and aggressively marketed. Before you go the auction route, I would talk to a number of specialists that handle property auctions to make sure that you understand the process and that it is the right idea for you. Know that some companies require you to contribute to the marketing process for the auction and there are still commissions.
I would also suggest the Gregg Napier auction group if you should decide to go that route. There were quite a few auctions last year, but they do seem to have decreased in popularity. Keep in mind that the auction process will take six to eight weeks. See the following from the auctioneer Gregg Napier:
Many homeowners are choosing to sell their homes by auction in today's slowing real estate market, and a typical timeframe is six weeks to a successful auction. This is from your first contact with the auctioneer andCarolina One's auction group through auction day.
IN WEEK 1: The auctioneer will review the property and discuss with the seller the type of auction desired (reserve or absolute). The auctioneer will make recommendations to the seller regarding how to market the property.
IN WEEK 2: Deed, title, liens and other paperwork are checked and discussed with seller. Advertising and marketing program is formulated and informations compiled.
IN WEEK 3: Advertising campaign is ordered and promotional pieces are released to the public for the four week campaign. Auction site plans are discussed and agreed upon with seller. Promotional signage placed on property. Auctioneer opens dialogue with brokerage community promoting auction sale and offering agreement that would allow brokers a commission if they bring a buyer to an auction. The auction group begin the task of fielding information requests from the bidding public and educating them on auction protocal.
IN WEEK 4: Open houses may begin this week. Open houses will permit potential buyers to inspect the property and familiarize themselves with the property on which they may bid. It is also a barometer for the auctioneer to judge the sucess of the marketing campaign and will permit tweeking the program.
IN WEEK 5: Another open house to help buyers access the product. This week will permit the auction group to make an initial evaluation of the marketing campaign based upon the response at the open houses, calls from other realtors and requests for bidders packages and registrations information. The next two weeks are crucial in determining response from interested and qualified bidders. This is typically a busy week in fielding calls from interested parties.
IN WEEK 6: Final details likek site preparation and posting additional signage to the auction site are being carried out. Bidders, realtors and interested parties are contacted to make sure all questions have been answered and that all are in flow with the big event.
If the auction idea does not work for you, look for a realtor that will spell out a marketing plan and stick to it. I'll be happy to answer any of your questions.
Linda Gordon, Realtor
Carolina One Real Estate
I have been to many real estate auctions in the Charleston area. Some of the outcomes are great for the sellers, and some of the outcomes are great for the buyers. It really depends on the type of auction that you elect, and also the type of property that is being auctioned. It sounds like your home is quite exceptional for your neighborhood.
The Gregg Napier Auction Group has been quite successful at auctioning real estate in the Charleston area. The website with information is http://www.charlestonrealestateauctions.com. The homepage features upcoming and recent auctions. Down the left hand side, there is a link to information for "sellers". You will find answers to many of your questions here, from a real and local auctioneer.
If you would like, I would be happy to discuss with you my knowledge of the auction process. I have actually seen sellers net more money than they were hoping to get. Auctions Work.
My name is Dave Creaturo; I work at Century 21 Beachside real estate. Our office is in the Mt. Pleasant Towne Center. I would like the opportunity to take some stress away from you during this stressful time.
I believe there is one option you might not have thought of ands thats have a team of agents sell your home.
I have a 4 member team (Darlene, Darcy, Dave & Britt) with over 30 years of experience. We live, work, eat, and Play in Mount Pleasant. I would love the opportunity to discuss with you further on how our Award winning marketing Program WILL SELL your home.
Without having seen your home personally, and not knowing all the details of your specific property, I can only offer a very general answer to your questions.
If you do decide to go FSBO please keep the following in mind. A Seller with no representation often looses far more than they realize by not having someone on their side of the table. Your attorney reviewing the contract is looking for legal clarification and errors, not to determine if you are getting a good deal. They havenâ€™t even seen your house before!
Advertising/Marketing your home; how do plan to do this? In the paper? Studies and statistics show that about 85% of buyers first look online to buy. Buyers go to the Internet before picking up a telephone to call an agent or a FSBO. You really need a strong Internet showing. You are limited as a FSBO.
If you are going to pay a flat fee broker to offer your home in the MLS with a buyer agent commission of 3%, you need to look at the dollar amount that 3% Seller agent fee you are "saving." Determine how long you are going to try this on your own. How much money for website placement, ads in local papers, mailings to people and your time related to open houses, showings, time on the computer and placing ads. It really adds up quickly.
Regarding auctions, I agree with Patrick that they donâ€™t seem to be fairing too well at least not here in Mount Pleasant. The majority of people who show up to these auctions are professional investors who are looking for a â€œstealâ€.
Although you may feel price has not been the issue with your house, your home is a commodity on the open market and it is a changing market! With markets continuing to adjust, you will have to make several price corrections as the market corrects itself. The market determines the value of your home, not a realtor. Your home is worth what someone is willing to pay for it, and what you are willing to sell it for. You or your realtor's job is going to be setting that price, and that may change as time goes by.
Kim, I truly believe that your best choice would be to hire a new REALTOR, one that not only can navigate the challenges of this current market, but one who can successfully market your home online.
I hope this has been of some help to you as you decide how to proceed. If you should need any further assistance, please feel free to contact me directly.
Best of luck,
Owner / Operating Principal
Charleston Your Home
The auction company listed below, auctions all types of real estate including residential in South Carolina.
Have you considered renting your home? I've met quite a few people who've decided to rent when their homes would not sale. Because the real estate market is down just a bit, renting would or could help you pay the mortgage during this down turn. You might find after a year of renting that the real estate business has regained speed, and you could place the home back on the market.
Another option is to offer a lease to own giving you and prospective buyers peace of mind under a contract.
Whatever you decide, if you need any assistance, feel free to contact me.
Best wishes on your decision.