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On the Block
Auctioneers always manage to squeeze a whole paragraph of words into one super-short sentence. It's that ability to compress a sale into as little time as possible that's making home auctions such a hot process right now. Homes that would likely take months to sell in the current market can sell in as soon as one month, or in the case of 26 beachfront condos on the Jersey Shore, 75 minutes!
Home auctions are like the proverbial ripping off of the Band-Aid in the real estate world. They may be quick, but they're probably not going to be painless. Real estate professionals say you should be prepared to take a significantly lower price.
"The longer you take, as a general rule, you're going to get closer to your asking price ... But if you want to make a quick sale, you will probably have to cut your price more," Bernard Markstein with National Association of Homebuilders told the Associated Press.
According to the National Auctioneers Association, auctioned home sales are up 47% since 2003, so it's likely that the trend will continue. Will your house be the next one up on the block? [CNNMoney.com]