Tuesday, August 28, 2007

Ebay Real Estate Auctions

I've been thinking about auctioning off my Buffalo property on Ebay Real Estate. It's been for sale for 7 months now. I had one offer for $17k from some woman in NYC but she failed to follow through. Otherwise I have not had many calls on the property for nearly 3 months now. I've been using a flat fee listing service but have found that it is not working. Advertising in the paper brings no calls (true for every property I've tried to sell). Using a full service Realtor will cost a minimum of $3000 commission and my margin is so small that I feel that is a poor choice. So what is there left to do to sell this property? I bought it for $5k but legal fees and closing costs as well as ongoing taxes and utilities have my total cost over $11k now.

I'm not sure Ebay is the right venue to sell, but feel my options are pretty limited at the moment. Do homes sell at a huge discount on Ebay? Don't know at the moment, so I think I will monitor the sales for a week or 2 before I decide. If any one that has used Ebay, I would like to hear comments.


Anonymous said...

Not sure about ebay, but look into realtybid.com. I have heard about decent results using their auction site.

Paul said...