Questions about Auctions: What you need to Know! Part Four

Part Four: Auction this, Auction that

We have come full circle! In part one we talked about the basics of auctioning. Part two we touched on the nitty-gritty and about how to handle the auctioneer and how to get involved with the auction. Part three we really got to know our motivated seller. We found out just how motivated he was! In part four we are going to find out what else we can add to the auction.

Remember our friend? The motivated seller? He showed up on your doorstep ready to sell!
Now he is adding to the pot. He has sent you a list. He has about $135,000.00 dollars worth of antique furniture and oriental rugs. And the best part about the list is that all of it is staying, right?

Whoa! Now you have personal property. That’s right-now it is a personal property auction as well. The auctioneer is going to be very excited because he knows that stuff is going to sell and you just take 15% off of the top for selling it for the guy.

Yes, that is correct. You take 15% of all the stuff that sells in the house. The auctioneer is going to add 10% to the bid anyway so you don't have to worry about paying them. So you get 15% even if the house doesn't sell.

So you have a goodies auction and then you auction off the house after the goodies are gone. Your auctioneer will love this deal because he knows he is going to get paid.

Most people might think you auction this stuff on the inside after the house sells.

It is exactly the opposite. You auction the items before the house sells.

If the house doesn't sell, then you have sold all the stuff inside of it and he has the money anyway.

Of course, the seller has to be in this deal. In fact, he will probably come up there for the auction. I would encourage you to have the seller there.

Before you do this, touch base with your seller and see where his state of mind is. Is he still as motivated as he was when he first came to you? If he is easy and flexible to work with, you will be in business. In part five we will talk about how to negotiate with your motivated seller.