Auction: Going once, Going Twice, SOLD

Until just recently, when I saw an “Auction” sign in front of a property I would think the owners were in distress. Ugly yellow auction signs were at the street corner for weeks, on auction day cars were parked all over the yard, and people hovered outside as if they were expecting a three ring circus event. It seems I was wrong about selling your home through the auction method.

Curiosity got the best of me so I attended an auction specialist course. Auctions have been around for years to sell virtually everything under the sun to the highest bidder. Within the past ten years eBay has emerged the strong contender to auction houses and the occasional upscale yard sale. But in today’s real estate market you need some options to create a market for your home when there are 7 homes for sale in your neighborhood.

The auction process has seen many improvements with technology and time tested marketing ideas. To begin the process, each seller needs a few moments of education. The home needs about 6 weeks of aggressive marketing with signs, open houses, classified ads, internet ads, and a 24 hour free hotline for detailed information. Statistics show that about 40%-60% of the homes receive an offer before auction day because of increased buyer traffic.

Instead of paying a commission, the seller pays a marketing fee of $1,800-$2,500 depending on the price range of the home. The buyer pays a 10% premium (on top of the highest bid price) which covers all other selling costs and commissions. Auctions are non-contingent “AS-IS” sales, except for the three day review period for home owners documents and generally settle within thirty days (negotiable).

Auctions are not for everyone. However, it did work for one of our clients by attracting the right buyer and the seller was able to move on with their life. If you have any questions about this article or the auction method of selling your home, give me a call or email.

Mike Dean
Certified Auction Specialist
1-866-238-1342
Mike@Dean-Morris.com

Potomac Green (Del Webb) Celebrates

The story about Potomac Green reads like a novel. For several years the developer [Del Webb] worked with Loudoun County government to fine tune the plans and put this 55+ community together. Using their experience from other developments Del Webb pulled together their best practices, mixed in some new processing for this project and here we have what is shaping up to be a beautiful place to live, play and sometimes work.

Recently, we received notice that a big celebration was planned. The 100th occupant was in their new home. I had to see this for myself so I paid a visit to the community and WOW, was I surprised. A row of single family homes stretched for several hundred yards out to the well defined main entrance. Along the main entrance drive there are single family homes with high pitched roofs, beginnings of landscaping and hard surface access roads. The clubhouse, designed to be the centerpiece of the community, is taking shape amidst all the construction debris. Sorry, I didn't take any pictures as it was too late and not enough light. I’ll be in the area several times in the next few weeks and take pictures for viewing by the most curious.

Thanks for reading this blog.

LifeStyle Transition Symposium

Occasionally, we get a chance to write about subjects we feel pationate about. Here is a subject we have worked on for years, its about making a transition from one lifestyle to another. I'm talking to boomers and above right now. We are involved in so many things on a daily basis that we reach this stage in our lives and wonder what happened. The traffic, careers, scheduled meetings and scheduled vacation. When you stop for a moment to take a breath its time to retire or move on the next phase in your life.

On September 30, 2006 we are joining forces with several other professionals to host a LifeStyle Transition Symposium, a meeting of the minds, a gathering of information and a panel of local experts. We are providing this information free to people who need some help to declutter, plan and move forward to the next big adventure, the next career or the next horizon. Our group of experts will provide you with information on taxes, legal issues, finances, what to do, where to live, and even some fun places to travel.

Event time and location:
September 30, 2006, 9:00AM-2:00PM
The Center for Innovative Technology, 2214 Rock Hill Rd., Herndon, VA 20170
This is a free event with lunch, drinks, a workbook and all materials.

Pre-registration is requested (we need to know how much food to order). For more information and driving directions, please contact Jim Williams at 703-748-5836 or email him at info@LifeStyleTransitions.org