Sealed Bid Auctions (also known as silent auctions) are quickly becoming more popular with home sellers. A group of real estate agents have been using ‘silent auctions’ for years. Today its movement is driven by educated and fed-up consumers and ‘outsider’ real estate agents.
Peter O’Malley, MD of Harris Partners a leading Sydney firm exposes the flaws of the Public Auction system.
He paints a clear picture of how home sellers lose money when they sell ‘under the hammer’. He then explains how to get a higher price with a ‘silent’ or ‘sealed bid’ auction. So, if you’re thinking of selling your home, consider an auction – just make sure it’s a silent auction.
The main Problem with ‘Public’ Auctions is they will always establish the highest bidder but never establishes the highest price. Often the gap is tens of thousands
Peter explained; ”Agents love ‘public’ auctions, and the glory associated with a crowd”
Not to mention the advertising costs, and the fact that a ‘public’ auction places pressure on the seller.
If you are planning on selling a house, any time in your life – you must listen to this radio interview.