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Real Estate Industry
October 29th 2009
JENMAN APPROVED AND AUCTION
What's going on?
Dear Neil
One of your Jenman APPROVED offices is selling a property at auction.
What's going on?
We heard you didn't like auction and that auctions get lower prices.
Please explain.
Confused.
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Dear Confused,
You're right. I don't like auctions (for selling; they are often great for buying). And auctions sure do get lower prices. Click here for more details.
In this case, here's what's happening...
The "owner" of the property is a bank. It's a mortgagee-in-possession sale. The bank insists on giving it to the Jenman APPROVED agent but also insists that it be sold at auction.
Anyone who knows anything about real estate knows that banks and mortgagees often don't care about the price - they just want it sold and out of the way.
In this case, the APPROVED agent had two options:
1. Say no to handling the sale which meant one of those auction-believing agents would get the commission.
2. Say yes and donate the commission to The Salvation Army.
The agent chose the second option. And, what a great idea. Confuse the silly auction agents and help the Sallies at the same time.
Pity about the seller. But, just like smokers, the seller has been warned - AUCTION IS A WEALTH HAZARD.
Regards
Neil Jenman.