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Type of auction unique to area
On Thursday, March 10, at the Hilton Garden Inn in West Monroe, a unique and unusual auction will occur.
Auctions are not unique to our area. Any given week you will see advertising for general merchandise, automobiles, estate sales, farm equipment and even an occasional land or house auction. These auctions always draw from a few interested parties to a few dozen bidders and curious on-lookers. In these auctions some items sell and many do not. There are generally two kinds of items. Items that have a "reserved" price in which the owner has set a minimum bid that he is willing to accept and items that are 'absolute' that the owner is willing to accept the highest bid regardless of price. Sometimes an owner will set a minimum bid "reserved" price and if the bid does not reach his price he may instruct the auctioneer to sell it to the highest bidder.
Multiple property real estate auctions are somewhat rare in our area although you may occasionally see one advertised. In other areas of the country, such as Kentucky and Tennessee, they are common and used by sellers and real estate professionals as an additional marketing tool. Auctions can provide a venue to bring buyers and sellers together. When you can place in the same room motivated sellers and interested buyers both can leave as winners. This has been proven many times over.
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Bill Roark is a Commercial Associate Broker at Keller Williams Realty and may be contacted at bill_roark1@yahoo.com. |
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