Tom Wood's (reiauctions) Blog

  The most common way to sell real estate in the U.S. is by listing it in MLS and then, if it doesn't get any interest, begin to drop the price until a buyer makes an acceptable offer (see above). Most real estate agents don't realize that this method of selling is actually a type of auction.  I...

Last month, I sold my first house as buyer agent for a buyer of a HUD property in my area of St. Louis, MO   HUD homes in St. Louis are sold through an online "sealed bid" process and in case you're not familiar with it or it's different in your area, I thought I'd share some observations of the...

  When I use an online auction to sell a property, I use a strategy that creates 3 opportunities to get a property under contract during the process. Here are the opportunities... 1st opportunity (Pre-bidding): Instead of letting people bid on the property as soon as it goes online, you can adve...

Currently, the most common way to sell real estate in the U.S. is by listing it in MLS and then continuing to drop the price until a buyer makes an acceptable offer (see above). Most real estate agents don't realize this is an auction, a dutch auction - just done very slowly.By definition in Wik...

Last week, I took a buyer to a local "Williams & Williams" auction where they were selling 4 properties. The auction was done live on the front lawn of one of the properties and buyers could also participate online. If you haven't seen Williams & Williams auctions, check out their Auction Networ...

Last week, I took a buyer into a couple of bank owned "REO" properties that just came on the market. In the past, these type of properties were initially listed too high so we would wait until a property sat a while and had several price reductions. Now it seems, that some banks have changed the...

Last week, I took a buyer into a bank owned "REO" property where the bank decided to have a company come in and rehab the inside (paint, carpet, new appliances and flooring bathrooms and kitchen). You can tell they took the lowest bid for the work because the work is okay but very little attenti...

At the end of January, I attended a Hudson & Marshall "live" auction in St. Louis with a buyer client of mine. In case you haven't seen a Hudson & Marshall auction, they do a very nice job. You can check out their upcoming auctions at their website HudsonandMarshall.com The auction was for 57 ho...

Last month, I shared some ideas on helping buyers be more comfortable bidding online. Since then, I held a 7-day online auction for a property in St. Louis and thought you might be interested in the results. First, despite the winter weather conditions, it was very successful getting buyers into...

Last month, I shared how I've found some "hidden" deals for buyers in my St. Louis market on Auction.com (REDC auction company) I'm still finding them, and the reason they are "hidden" is because of the lack of coordination and communication between the local listing agent and REDC. A big opport...