Auctions Sell Homes Quickly In Tough Housing Market

Added January 19, 2009 by Ilyce R. Glink

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Summary: If you're eager to sell your home in a tough housing or real estate market you may want to try an auction. Unlike lotteries, which are illegal, using an auction is an acceptable way to quickly sell your home. To auction your home you need to use a real estate auction company or a website such as eBay.

Q: This is a comment. In a recent column on this subject you discussed the questionable legality and impracticality of using a lottery to sell a property. You suggested that the property be donated to a charity and a tax deduction taken.

This method will require an expensive appraisal and, most probably, only a portion of the value can be deducted in the year of donation. I was nonplussed that you not mention the easiest, quickest method to sell the property at market value -- auction.

A: You're right (as are dozens of other readers who wrote in to share their stories about auctioning property). I should have mentioned that auctioning off a property through a well-known real estate auction company or online with a company like eBay can be a valuable strategy in a tough market.

While auctioning your property may help you unload it, it can be costly. In a future column, I'll tackle the subject of auctions, how they work, the costs involved and why you might choose this route. In the meantime, if you have a real estate auction property story to share, e-mail me at my website, ThinkGlink.com.

Jan. 19, 2009.

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