Charleston homes for sale
... by auction. What's next, a raffle?
There are so many listings of Charleston homes for sale that many sellers are growing not just weary but desperate when their home doesn't sell. I just noticed a home on the Charleston MLS hotsheet at a ridiculously low price so I clicked through to the listing and figured it out, it was an auction. The low price was put into the MLS to get a lot of attention even though the listing information explains clearly that you will not be able to buy it at that price. Buyers might be angry that they can't buy the house for the low price but actually it is technically OK.
From the Charleston MLS:
AUCTION TERMS: in order to bid, you must review the terms & conditions and register with auctioneer. Winning bidder required to deposit $5000 day of sale, balance due in 30 days. Seller will grant a 10-day inspection contingency and a 21-day financing contingency. "As-is" sale. A 10% buyer's premium will be added to the winning bid to arrive at contract sales price. Seller is extremely motivated and reserves the right to sell on, or before, auction date. We are offering a discount on the buyer's premium for pre-auction bids. (The price listed in the MLS is not a suggestion of price or value - prior to auction date, the seller reserves the right to reject all offers below the list price without penalty or obligation to compensate.)
OK, maybe it works, maybe not. There is an undisclosed reserve which is the least amount of money the seller will accept.
So what's next, how about a raffle. You might be surprised but that is exactly what's next. And it's been successful.
Doug Heddings at True Gotham reported on one such auction with an interesting twist. All money over and above what the sellers needed would be donated to charity and not only did the sellers get the necessary funds they sought but the charity was a big winner as well. Click here to read about another raffle.
Just my opinion but I think that sellers in today's Charleston real estate market should price their home to sell and not languish on the market when they list it for sale. The home should be in no apology, top condition to insure that it will be the next house to sell in that neighborhood.
But if that doesn't work, how about a raffle.
Important: Please consult with the appropriate South Carolina government agencies regarding the rules and regulations of having a raffle to sell your home (please don't ask me). But if you can have a raffle, I like the idea of the excess funds benefiting the charity of your choice to not only build more interest but help a deserving cause.