Wes Mazurek writes a monthly column for the Kalamazoo Gazette regarding real estate auctions. This article is an expanded version of the September, 2001 Article.

Ask the Experts

Q. The conventional method of selling real estate is what we know and understand. Does the auction method have a place in the real estate community?

A. As long as properties continue to sell through the auction method, auction activity and interest will continue. Do all properties sell? No. Just as all properties do not sell using the conventional method. Condition and location of a property play a major roll in consumer interest. Auction marketing is designed to bring visibility to a property in a more assertive fashion over a shorter period of time. The idea of an auction is sometimes approached with some skepticism, only because it is not completely understood. The old train of thought enters the picture, that is, the people selling must be in bankruptcy or in foreclosure. With the properties that I have auctioned, none have been foreclosures or bankrupt properties. What we have had is motivated sellers wanting to sell their home in the most expeditious manner. Sellers become tired of waiting for their home to sell and nothing happening. There is absolutely nothing wrong with buying a home at auction. The key is, and I can't stress this enough, is to do your homework. If there is an auction property out there don't automatically think there is something wrong with it. I have had auction properties inspect better than conventionally sold homes. Buy with confidence but use you head. How do you do that? Well I'll tell you. You must always consider a home inspection, pest inspection, and work with a competent realtor as you make your auction purchase. In other words, get to know the property before auction day. You will increase your comfort level ten-fold. The auction method is an exciting marketing venue. Take the time to do your research; it will pay dividends. Remember, if your not sure ask questions.

Email to Wes@DreamHomeAuctions.com