Retired Couple Seeks Auction to Relieve Burden of Second Home – Middle Tennessee.
Shortly after the real estate market crashed we had the opportunity to work with a retired banker and his wife from the Knoxville area. They had moved into a smaller home in Knoxville from their larger estate outside the city. All of the children were grown, the couple had each successfully retired after many years of service, and were ready to travel and enjoy life!
One problem holding them back… the time consuming upkeep & worries of their vacant rural estate. Once again, the home had been on the market for over a year, overpriced and market worn.
They initially had listed the home around $400,000 and had incrementally reduced it to $365,000 when our auction company was brought in to evaluate the property. The retired couple readily admitted that it had been listed too high to begin with.
The 3,200 square foot estate came with approximately 3 acres in a well maintained subdivision. We decided the property would best be sold as two separate parcels, the home and 2 acres and a separate 1 acre building lot that posessed its own road frontage.
The conversation went something like this: The retired couple asked, “Do you think it will bring $250,000?” The agent stated, “It could, but I’m confident it will bring $200,000.” The couple responded, “Let’s do it.”
We implemented the accelerated marketing method including full color 4 page brochures, large full color newspaper advertising, 4×4 auction signs, several internet posts, video tours, property information packages and much more!
On auction day a crowd of approximately 20 prospective bidders gathered to compete. After the dust settled and the smoke cleared the property had grossed a sales price of $275,000!
The retired couple had not attended the auction but had been at a neighbors house just a few blocks away. As the drove up and we revealed the news, the wife let out a big sigh and said, “Thank you so much! What a relief!”
Although this property achieved a greater price than expected at auction, unloading the burden of the time invested and constant worry meant more to this couple than anything else that was done.
For a retired couple, who wants to get on with enjoying life after their long careers, a real estate auction may be your quickest and best solution.
Justin Ochs, President
Affiliated with Real Estate Auction Firm StanRich Auctions, Inc. Firm #3829
“Choosing the right auctioneer to handle your auction often makes the difference. With a passion for excellence and extraordinary performance, Diamond Ochs Enterprises, your Tennessee Auctioneer, works to secure the highest dollar for your assets…”