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Auctions Revisited

I heard through the grapevine that someone might try to generate interest in listings that aren’t selling by listing them at a low price on the MLS and classifying them as an auction. The idea is to get offers but the Seller can reject all of them if they are not what the Seller wants, even if they are way above what the list price is on the MLS.

If you’re a Seller and considering something like this you’ll want to be careful when using the MLS. If you put your home on the MLS at a price and another agent brings in an offer from a Buyer at that list price, the Seller may be liable to pay the Buyer Agent a commission even if you don’t take that offer. The minimum that will happen is that you’ll make a lot of Buyers and Buyer Agents unhappy that they are wasting their time putting offers together that the Seller won’t consider taking.

If a home isn’t selling, there are reasons for that. Trying a marketing gimmick using the MLS isn’t the route I’d take. I’d identify the reasons why it isn’t selling and fix those things.

Written by Keith Byrd - Go to Keith's Website/Profile