I've been through 2 very good realtors-one better than the other. 2nd realtor showed house every week. No takers.
Gotta unload it-daughter getting married in June. I'm down to the wire. House is presently off market-contract just expired. It's been on the market for 1 year and 5 months.
Going to auction it. Any thoughts on this process. doing absolute auction.
I would do that but I'm out of time! Got stuff to pay for for the wedding plus my Dad passed one year ago today and I gotta get his estate closed and his bills paid off.
My thoughts? You need to think this through without being under stress and pressure to "just get rid of it!" I don't want you to regret your decision in a year or two when you realize that you caved into the pressure and made a major mistake....
Absolute auction, to me, means that there is no reserve? Is that what it means to you? If so, you are walking on very shaky ground ~ are you prepared for the reality of what you and the estate will actually receive after all of the costs of the auction?
I think that "your father passed away one year ago today" might be causing you to consider making reckless choices that you might not otherwise make. My belated condolences and do keep us up-dated as to what you decide to do.
Is this your house or your father's? If it is his house I understand your need to sell. If it is not his house and you are planning to pay his bills from the proceeds of the sale - slow down and talk to an attorney.
As far as your daughter's wedding - sit down with her and her fiance and have a frank discussion about your financial situation. I can't imagine basically giving away my home for a party. That is what it boils down to. I don't know about your daughter, but I would be devastated to know that my wedding was causing such financial distress to my parent.
Now to your question since I provided unsolicited advice:
Get a Realtor. Most real estate auctions are not very successful in my area. Plus you end up paying a higher commission than with an agent.
Review comps and price it right. Don't go too low, people will think there are problems. Make the agent very aware you are willing to negotiate.
Good luck with your plans.This message has been edited. Last edited by: Charming,
I remember this house. I will tell you now what I told you then. I think you are overpriced for the area.
Many houses here have been on the market quite a while BUT those that were priced low, sold with little delay. The market is coming back but the prices have not rebounded.
If, as Idaho says, absolute means no minimum, you are taking an awful gamble,( after fees you may be losing $70,000 or more.) It seems an unwise gamble to take when you can relist with another agent for $80000 and not lose nearly so much.
Thanks ladies for your input. I value your thoughts.
I'm going with an absolute auction. I've got to get this estate closed. I've already paid too much in attorney fees. This estate owes me a bundle. Keep your fingers crossed!
I'd pass on the auction for a number of reasons.
Pulled up your previous post and noticed you mentioned personal financial difficulties as a result of your father's medical bills. Unless you cosigned for those expenses, the creditor's only recourse is the assets of the estate. BTW, collectors often lie to heirs WRT their liability in an attempt to extract payment.
Do the medical bills exceed the net amount you expect to receive from the sale of the home? If so, did your attorney suggest simply abandoning the home? A formal notice of abandonment would be filed, essentially transferring the home to the creditors and relieving you of the headaches associated with it.
Also, you previously mentioned a quit-claim. Sounded as if you quit-claimed your interest to the estate. Or, was the q/c executed by your father, q/c'ing the property to you?
I'm sure you've discussed these issues with your attorney. Hope you're able to resolve the estate soon. All of the above is JMHO.
Sorry for your loss. Take care -
P.S. WRT the atty's fees you mentioned, they're typically limited (the amount depends on state statutes) and paid out of the estate.This message has been edited. Last edited by: BearCat49,
Hope she is represented by an attorney.
So, NICUnurse, what did you decide to do and how did it turn out? Hope well ~ let us know.
Idaho, I checked auction places (could only find one with a web site) and it wasn't listed as for sale or sold. I also could not find it on MLS. Guess we will never know. I might check that auction site next week and see if it is listed as upcoming .
Auction.com is the largest...but many more local level ones.
How sweet of you ladies to be wondering about me!!!
Sorry-I lost my dearest Aunt the end of January and haven't been on the board much at all. She lived across the street from my Dad-was married to my Moms brother. It's been rough tto say the least.
The house- up for auction March 8th. Closing April 8th. Listed with Wilson Auctions-they have a great reputation here. Business associate of my spouse. We had bidders interested the first day. Last real estate agent is interested. Someone will get and do minimum re-decorate and rent it. It is what it is.
Thank you for all your wonderful insight. BTW-auction wil be live on the net. Don't think I'll watch-too nervous! Please keeep your fingers crossed for me!
In my next life-I'm going to be tall,skinny, and stinkin,filthy rich! LOL!!!
Thanks for the post-back and my condolences on the passing of your Aunt - I know it is difficult. Best of luck with the auction - fingers crossed for you...
Hope there is a "reserve".
I found the auction site if anyone is interested in following it.
Oh, wow. Very sorry about the sad news, OP, but hope the auction turns out well for you.
Thanks for posting the link, Met. (waiting to hear back from you)
(IR, you, too.)
Thanks for posting the link, metwo ~ looks like OP has decided to go forward with an absolute action - no reserve, REL. Hope it works out for you, NICU Nurse. I have my reservations about it as you know well but will be hoping for the best for you. Let us know how it turns out...
AIY YI YI.. IR
Wow, this thread is my life right now. I sympathize.
Nicunurse, do you have any updates?
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