Real Estate Auction Options Principal Gary Gilbert discusses luxury real estate auctions for both sellers and purchasers.

Price Sensitive Sellers at Luxury Real Estate Auctions

By Gary Gilbert on
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
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Nov 29 in Luxury Property Auction

A price sensitive seller at a luxury real estate auction is probably not a good seller candidate.

With luxury real estate auctions, there are two types of sellers, market sensitive sellers and price sensitive sellers.  The market sensitive seller is someone we can probably help as they are the person that says, if the market responds, there is good, active bidding, and the buyer is a cash purchaser who will close with no contingencies, then I am fine with the price achieved.  The price sensitive seller, however, is someone we are usually not able to help.  That person is hung up on appraisals and comps and is not willing to sell for anything less than a figure, usually a non realistic one, that they have in their mind.

Often times, we will simply pass on this type of business as it does not do anyone any good to take a luxury property to luxury real estate auction only to have it not sell because the seller is not realistic on the fair, true market value of their property.

Please contact us to discuss your or your client's luxury property.

Additional blogs on this subject and others can be found here.

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