Kirstin Farella – Harcourts Auctions – Jan 23, 2018

By January 23, 2018 Uncategorized No Comments

Our program today was provided by Kirstin Farella. She operates a Harcourts Auction company in North County. Unlike traditional house sales, the auction idea is catching on. Harcourts Auctions started in Australia and New Zealand where 75% of all property sales are through auctions. These sales are not the traditional auction sales of foreclosures. They are regular property sales. You don’t even need to accept the high bid if you don’t want to. With the auction sale process, you get more people viewing your property. They only hold 2 open houses per week and limit the open house to only 2 hours. You get approximately 102 people viewing your property each month. On the evening of the auction all buyers need a cashier’s check for $10K to bid. Typically, the property is listed 27% below market value. I guess this gets people in a bidding war so to speak. Also, just because your property didn’t sell at the auction, negotiations can still go on long after the auction. People like the auction idea because you think you are getting a great deal.