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Old 02-28-2008, 11:30 AM
 
1 posts, read 1,647 times
Reputation: 11

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I got the house in my divorce. It's in Geneva and I now work in Iowa. I need to sell it. Rent wont cover the mortgage. Does anyone have familiarity with auctions? I've tried putting it on the market but it's just too slow.
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Old 03-15-2008, 05:50 PM
 
Location: Rockford
62 posts, read 300,421 times
Reputation: 23
Auctions don't work. People who go to auctions are looking to get a deal on the house not just a few thousand, but a real bargin. Also, the buyer has to pay around a 10% commission on top of there offer which in return they take off of how much they owe you. Lets say your home is worth 300,000. The bidders will start cheap say 50,000. They'll stop bidding around 150,000. So, if they stop at 150,000. Now lets figure the 10% com. which is 15,000 so really there offer is only 135,000. You would get ripped off. Don't waste your time. Remember if your getting showing and no offers it's cause it's over priced.
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