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In an attempt to stimulate the resale marketplace, a number of resale companies tested the auction concept in the mid eighties. Some auctions were live, some by mail, some national and some regional. And although some success was acheived by each company, only two companies have consistently held national live auctions each year since 1985. A live auction with mail in bids provides both the buyer and seller with a quick sale at a fair price. The resale company with the most experience in holding live national auctions is TRI WEST in Los Angeles.
A LIVE AUCTION WITH MAIL IN BIDS PROVIDES A QUICK AND FAIR SALE FOR BOTH THE BUYER AND SELLER.
Items typical of most live national auctions are:
1. Sellers lower their price at least 50% and pay a seller registration fee. 2. Listings are verified for accuracy. 3. A catalog is published showing listings with the amount of minimum bids. 4. Buyers mail in or attend auction with a cashiers check representing buyers deposit. 5. Successful bidder executes contract and enters third party escrow on auction day. 6. Every escrow has a third party title policy if available and closes in approximately 90 days. 7. Listings not bid on are available for post auction offers and sales.
AUCTION PRICES RANGE FROM $500 TO $5,000 DEPENDING
ON RESORT, SEASON AND SIZE. AVERAGE PRICE IS $2,500.
High Mid Low 2 Bedrooms 2,500 2,000 1,500 1 Bedroom 2,000 1,500 1,000 0 Bedrooms 1,500 1,000 500 Matrix notes: 1. Add $ for five star resorts 2. Add $ for special locations 3. Add $ for special resorts 4. Subtract $ for Right to Use 5. Subtract $ for East Coast properties