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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 110350
Experience:  Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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Auction or go realtor listing of a real-estate property A

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Auction or go realtor listing of a real-estate property

A property has appraisal value of $130k 3 years ago. A business renter has shutdown the business. Now, the property is vacant. One option for the owner is to sell it at auction.
The aunctioner only agreed to take it to sell if the minimum bid is not more than $50k.
But this aunctioner is not local in that area. He thought to sell a property in depressed area(in his opinion) he has be do at deep discount. He charges 10% commission after sale. He will list the property on MLS. He will try one aunction within 40 days.

On the other hand, a local realtor can list the property on MLS. She said the inventory is low in the area. She is willing to list with 7% commission. She is willing to put listing price for $100 to $120k. The realtor wants to list for 6 months.

Which option makes more sense here. Does the aunctioner has enought time to get buyer around 30 days from now?
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

If you have time, listing with an real estate agent makes more sense as you have more control over the price you get and their fees are less. With an auction, it takes them at least 30 days to advertise the auction and you have no control over what someone bids and you could get significantly less if few buyers show up or only one buyer shows up at the auction or if you set a minimum price and nobody at the auction wants to bid.

All in all, it is best to try to sell with an agent first and the auction is a last resort.

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