Selling Properties with the Auction Method?
I used to sell properties with owner financing via auction on eBay (a long time ago). So when I heard what you guys were doing with auctions... it got me thinking about bringing auctions back. I have (almost) an unlimited supply of properties that I can sell with owner financing BUT finding buyers with good down payments has been quite a bit of a challenge since COVID. I'm hoping this auction model could change that. I was initially thinking about doing a 5 day auction but then I remember Travis said "even 24 hour auctions feel long." What do you guys think would be a good length (given the fact that this is auctioning off a property... maybe it makes no difference... I don't know)? The price of the property would be fixed (they would just be bidding on the down payment). I'm always looking to get at least 10% down (but I wouldn't have a reserve... just start it at $1 and see what happens). Right now, I'm thinking of having people come view the house at 10am on Saturday and the auction starts at the same time and ends on Sunday at 7pm local time. Would be curious to hear your thoughts. Any pitfalls I should watch out for? Anyone currently selling properties this way, by chance? Thanks in advance.