Battle Ground Real Estate Auction 07/25/2008

Posted on July 29, 2008
Filed Under Real Estate Auctions | 1 Comment

An real estate auction was held 07/25/2008 in Battle Ground, Washington at 501 NW 11th Street, Battle Ground, Washington 98604.  The opening bid was only $50,000 for a 3935 square foot home in excellent condition.  There was only a handful of bidders and the final price came in under $345,000.

The home next door which is perhaps similar – I don’t know the exact details of the home but it appears in the same condition and size is listed in the $420K price range. I just glanced at the flier and don’t know the exact listing price but it was above $420,000.   Ouch.   Hopefully they have a pool or other offsetting features.    Anyway,  what do you think about this way of selling a home.?

Do you think auctions are the way to go?  All the time? Some of the time?   Do you think this auction will set the price for the neighborhood per future appraisals or will it be treated as a one time anomaly?

btw:  This home was not a foreclosure, trust deed sale or bank owned property.  This home was in a relocation program.

Let us know your thoughts about this auction and real estate auctions in general.

Comments

One Response to “Battle Ground Real Estate Auction 07/25/2008”

  1. JB on July 29th, 2008 12:43 am

    I’m not sure what to think. If I was the neighbor I would be concerned and would want to discuss this with my real estate agent and perhaps with an appraiser to find out how this will affect my homes value in terms of a buyer qualifying for a home loan and the appraiser using this auctioned home as a comparable.
    If it won’t be recognized in the comps than I would not be too concerned and I would just make sure my agent is marketing my property at true market value based on today’s real estate market. If there are similar properties for sale in the nearby area listed for $90 per square foot and mine is listed at $100 per square foot than I would say that is an argument for my home being listed in a price range that may cause it to sit unsold for a very long time and even longer if prices continue to fall.
    A home really needs to be marketed at a similar price to other similar homes in the nearby area. If those homes have been listed for quite awhile with no pending sales than it might be wise to list my home slightly lower than the other similar homes in the nearby area.

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