Sold to the Highest Bidder
In a telephone interview, Dave Senteen explained how he created a win-win situation for sellers to sell their homes at auction and receive sale prices that are sometimes far above the asking price.
Senteen founded Landmark Estate Agency to respond to a growing need for unorthodox ways to sell real estate in a tough marketplace. He recognized that many individuals regarded their homes as one of their most treasured possessions and deducted that these properties could be sold like any high-end treasure at auction.
He brought together leading home auctioneers and created what amounted to an almost private social club for buyers, sellers and their respective agents to sell luxury estates at extremely competitive prices.
These properties go through pre-qualification to ensure that they are of the caliber Landmark buyers are seeking.
Sellers can choose from three different auction styles: reserve, absolute or seller confirmation. In an absolute auction, the buyer who offers the highest price gets the property, but in a reserve auction, if the predetermined reserve price is not met, the property is not sold. A seller confirmation auction allows the seller to review the bids and accept or reject the highest bid.
While selling your house at auction can be incredibly lucrative and a good way to get a fast sale (at the end of the day, your house is sold), it is not something that homeowners can do on their own. You’ll need the services of a licensed auctioneer, and it makes sense to include the expertise and guidance of a professional real estate agent to help with all the legalities.