Going Going Gone! : Auctioning Your Home for Top Dollar

by Chantal Howell Carey; Bill Carey

• ISBN13: 9780471377573
• ISBN10: 0471377570
• Format: Paperback
• Copyright: 2000-03-01
• Publisher: Wiley

Summary

Turn even the most humble dwellings into profit makers with the best new method for selling a home: auctioning.Historically, auctioning has always been the most successful method to sell any product for the highest price. Now, homeowners can employ those same selling techniques to raise the market value of their homes in any real estate market, regardless of the current economic conditions. Emphasizing the Dutch auction and appropriately named for the auctioning of tulip bulbs and Going Going Gone! examines the various other forms of auctions, the latest information on auctioning on the Internet, assembling an auction team, and preparing a home for auction, as well as tips on when to conduct an auction, how to advertise an auction, and insights into typical buyers.With housing demand outweighing supply, home sellers can now get optimal value for their homesBill Carey and Chantal Howell Carey (Dallas, TX) are coauthors of Wiley's bestselling How to Sell Your Home without a Broker. Both authors are former brokers and frequent speakers at real estate seminars.

Author Biography

CHANTAL HOWELL CAREY has been a real estate broker in Texas.</P> BILL CAREY has been a real estate broker and tax consultant in California. They are coauthors of the bestselling book How to Sell Your Home Without a Broker. They both currently live in Dallas and do real estate consulting and trust education seminars nationally.

Table of Contents

Preface	xix
Keys for a Successful Auction	xxiii
Auction Axioms	xxvii
Auction Secrets	xxix
Introduction	xxxiii
What Is Auctioning?	1	(10)
Auctioning and What Is Auctioned	1	(1)
Who Uses Auctions?	2	(1)
Price Range	2	(1)
Real Estate Markets	3	(2)
Location	3	(1)
Size	4	(1)
Hot and Cold Real Estate Markets	4	(1)
Timing	5	(1)
Interest Rates	6	(1)
Economy	6	(1)
Why Top Dollar?	7	(1)
Perceptions about Auctioning	7	(2)
Foreclosure Auction	7	(1)
Sotheby's Auction	8	(1)
Benefits	9	(1)
Axiom &;num1	9	(1)
Auctioning Your Home for Top Dollar	9	(2)
Auction Components	11	(10)
Components, Priorities, and Keys	11	(2)
Auctioneer	11	(1)
Your Home	12	(1)
Bidders	13	(1)
Number One Priority	13	(2)
Buying Real Estate	13	(1)
Elimination	14	(1)
Final Ten	14	(1)
Top Three	15	(1)
Number Two Priority	15	(1)
Number Three Priority	16	(1)
Successful Auction	17	(1)
Key One	17	(1)
Key Two	17	(1)
Valuable Assets	18	(1)
Time	18	(1)
Money	18	(1)
Simple, Fun, Profitable	19	(2)
Why Auction Your Home?	21	(8)
Secret #1	21	(1)
Traditional Selling	22	(1)
A Story	22	(4)
Dream Home	23	(1)
Listing	24	(1)
Need Cash	24	(1)
Contingency	25	(1)
Under Pressure	25	(1)
For Sale by Owner	26	(1)
Key Three	27	(1)
Take Control	27	(2)
Determining the Value of Your Home	29	(8)
Determining the Value	29	(3)
Neighbors	30	(1)
Brokers	30	(1)
Title Insurance Companies	31	(1)
Internet	31	(1)
Appraiser	32	(1)
My Home Is Worth-----	32	(1)
Market Value Worksheet	33	(1)
Auction Scenario	33	(3)
Buyer Compression	34	(1)
``Going Once''	35	(1)
A Happy Ending	36	(1)
Turn the Tables	36	(1)
What Are the Types of Auctions?	37	(8)
Types of Auctions	37	(1)
First Three Auctions	38	(1)
Weekend Auction	38	(1)
Foreclosure Auction	38	(1)
Absolute Auction	39	(1)
Next Three Auctions	39	(2)
Reserve Bid Auction	39	(1)
Spot Bid Auction	40	(1)
Dutch Auction	40	(1)
Two Parts	41	(1)
How It Works	41	(1)
Last Three Auctions	41	(2)
Sealed Bid Auction	42	(1)
Sotheby's Auction	42	(1)
Internet Auction	43	(1)
Other Types of Auctions	43	(1)
Secret #2	44	(1)
Auction Flexibility	45	(6)
Mix and Match	45	(1)
Auction Police	45	(1)
Weekend Auction: Special Circumstance	46	(1)
Foreclosure Auction:
A Base on Which to Build	46	(2)
Absolute Auction: Twofold Attraction	48	(1)
Axiom #2	48	(1)
Reserve Bid: The Price Point	48	(2)
Opening the Bid	49	(1)
Seventy-five Percent	50	(1)
Spot Bid Auction: One Bid	50	(1)
Dutch Auction: From High to Low	51	(1)
Determining Your Auction Goals	51	(12)
Determining Your Auction Goals	53	(1)
Formulate Your Auction Goals	53	(1)
Why Do You Want to Sell?	54	(1)
Remorse	54	(1)
Buyer's Remorse	54	(1)
Seller's Remorse	55	(1)
When Do You Want to Move?	55	(1)
Where Do You Want to Move?	56	(1)
What Are Your Financial Requirements?	56	(4)
Price	56	(1)
Information	57	(1)
Review	58	(1)
Lowest Acceptable Price	58	(1)
Terms	59	(1)
Cash	59	(1)
All Cash	59	(1)
Cash to a Loan	60	(1)
Axiom #3	60	(1)
Choosing Your Auction	60	(3)
Choosing Your Auction	63	(8)
Best Auction	63	(1)
Top Dollar (TD) Weekend Auction	64	(2)
The Week Before	64	(1)
Top Dollar (TD) Weekend Auction Variations	65	(1)
Top Dollar (TD) Dutch Auction	66	(2)
Setting Up	66	(1)
Top Dollar (TD) Dutch Auction Variations	67	(1)
Top Dollar (TD) Sealed Bid Auction	68	(2)
Arranging and Opening the Bids	69	(1)
Top Dollar (TD) Sealed Bid Auction Variations	69	(1)
Other Auctions	70	(1)
Assembling Your Auction Team	71	(6)
Assumption	71	(1)
Auction Team	71	(3)
Auctioneer	72	(1)
Bidders' Buddy	72	(1)
Money Magnate	73	(1)
Preparations Pasha	73	(1)
Secret #3	74	(1)
Additional Positions	74	(2)
Parking Valet(s)	74	(1)
Greeters	75	(1)
Staff and Servers	75	(1)
Caterers	75	(1)
Who Else Should Be on Your Team?	76	(1)
Auction Consultants	77	(10)
Professional Advice	77	(4)
Maximize Benefits	77	(1)
Accountants and Tax Preparers	78	(1)
Attorneys	78	(1)
Closing Agents/Escrow Holders	79	(1)
Home Inspectors	79	(1)
Lenders	80	(1)
Title Insurance Companies	80	(1)
Ask the Right Questions	81	(1)
Understanding the Term Agent	81	(1)
When to Use Real Estate Professionals	82	(2)
Written Agreement	82	(1)
Hourly Fee and Cap	83	(1)
Examples	83	(1)
Guaranteed Success	84	(3)
Assembling Property Records	87	(12)
Keep Good Property Records	87	(1)
Prepare a Property Records File	88	(1)
Collect Documents	88	(1)
Ownership Documents	88	(4)
Closing Statement	89	(1)
Covenants, Conditions, and Restrictions (CC&Rs)	89	(1)
Deed to the Property	89	(1)
Grant Deed	89	(1)
Quitclaim Deed	90	(1)
Warranty Deed	90	(1)
Gift Deed	90	(1)
Trustee's Deed	90	(1)
Sheriff's or Marshal's Deed	90	(1)
Tax or Controller's Deed	90	(1)
Inspection Reports	90	(1)
Physical Inspection	91	(1)
Geological Inspection	91	(1)
Pest Control Inspection	91	(1)
Title Insurance Policy	91	(1)
Insurance Documents	92	(1)
Fire Insurance Policy	92	(1)
Homeowner's Insurance Policy	92	(1)
Mortgage Insurance	92	(1)
Loan Documents	93	(2)
Mortgage	93	(1)
Trust Deed	93	(1)
Promissory Note	93	(1)
Payment Statements	94	(1)
Property Tax Statements	94	(1)
Assessment Notices	94	(1)
Improvement Notices	94	(1)
Satisfaction of Mortgage	94	(1)
Reconveyance Deed	95	(1)
Capital Improvement Documents	95	(1)
Plans and Specifications	95	(1)
Building Permits	95	(1)
Maintenance Records	96	(1)
Invoices	96	(1)
Guarantees/Warranties	96	(1)
Ownership Costs	96	(1)
What's Next?	97	(2)
Preparing Your Home for Showing	99	(12)
Preparing for Showing	99	(1)
Improvements	99	(1)
Repairs	100	(1)
Secret #4	100	(1)
``Hints from Heloise''	101	(1)
Showing Your Home	101	(9)
Safeguarding Your Property	102	(1)
Hide Your Valuables	102	(1)
Have Guests Sign the Guest Register	102	(1)
Security	102	(1)
Follow-Up	103	(1)
Protecting Your Guests	104	(1)
Making the Right Finishing Touches	104	(1)
Dress for Success	105	(1)
Lights, Sounds, Smells!	105	(1)
Managing the Home Tour	106	(1)
``Selling'' Your Home	107	(1)
Know Your Home	107	(1)
Know the Area	108	(1)
Handling Objections	108	(1)
Spend Time with Interested People	109	(1)
Congratulations!	110	(1)
Preparing Your Home for Auctioning	111	(6)
Preparing for Auctioning	111	(1)
Preparing Top Ten	112	(3)
Park Your Cars in the Garage or Down the Street	112	(1)
Turn On All the Lights Inside and Outside Your Home	113	(1)
Put On Classical Music at Low Volume	113	(1)
Make Popcorn	113	(1)
Have Coffee, Tea, Water, and Soft Drinks Available	113	(1)
Close Off the Bedrooms	114	(1)
Have the Temperature Set between 68 and 72 Degrees	114	(1)
Light a Fire in the Fireplace	114	(1)
Have the Auction Team Briefed and in Their Positions by Six-Thirty	114	(1)
Allow Guests in Starting Exactly at Seven O'clock	115	(1)
Axiom #4	115	(1)
Ready to Auction?	115	(2)
When to Conduct Your Auction	117	(6)
Best Time/Best Days	117	(1)
TD Weekend Auction Schedule	118	(1)
TD Dutch Auction Schedule	119	(1)
TD Sealed Bid Auction Schedule	119	(1)
Sotheby's-Type Auction Schedule	120	(1)
Internet Auction Schedule	120	(1)
Bidders Are Buyers	120	(3)
Advertising Your Auction	123	(16)
Advertising Adage	123	(1)
Key Four	123	(1)
Auction Announcement	124	(1)
Price? Terms?	124	(1)
Sample Auction Announcement	125	(1)
Auction Announcement Variations	126	(5)
Auction Announcement with Price	126	(1)
Price Home Is Worth	127	(1)
Lowest Acceptable Price	128	(1)
Below Lowest Acceptable Price	129	(1)
Market Value	129	(1)
Auction Announcement with Terms	130	(1)
All Cash	130	(1)
Cash to New Loan	130	(1)
Cash to an Assumable Loan	131	(4)
Your Auction Announcement	131	(1)
TD Weekend Auction	132	(1)
TD Dutch Auction	133	(1)
TD Sealed Bid Auction	134	(1)
Telephone Technique	135	(1)
Telephone Register	135	(1)
Giving Information	135	(1)
Getting Information	135	(1)
When to Advertise	136	(1)
Where to Advertise	136	(1)
Budget	137	(1)
Property Fact Pack	137	(2)
Property Fact Pack	139	(4)
Property Fact Pack	139	(3)
Property Fact Sheet	139	(1)
Disclosure Statement	140	(1)
Auction Information	141	(1)
Buyers	142	(1)
Who Buys at Auction?	143	(6)
Observations	143	(1)
Sellers	144	(1)
Buyers	144	(2)
Price Range	144	(1)
Offer	145	(1)
Counteroffer	145	(1)
Panic	145	(1)
Secret #5	146	(1)
Who Buys at Auction?	146	(2)
Auction Fever	146	(1)
Auction Fever Symptoms	147	(1)
Study People	147	(1)
Axiom #5	148	(1)
Your Mission	148	(1)
Who Conducts Your Auction?	149	(8)
Who?	149	(1)
Qualifications	150	(1)
Special Guidelines	150	(5)
Connecting	151	(1)
Communicating	151	(1)
Controlling	152	(1)
Compressing (Also Known as Key Three)	153	(1)
Igniting Auction Fever!	154	(1)
You're the Won!	155	(2)
When to Have a Professional Auctioneer Conduct Your Auction	157	(8)
Allocating Your Assets	157	(1)
Time	158	(1)
Special Circumstances	158	(1)
Out of Town	159	(1)
Mondo Estate	159	(1)
Hugo the Ego	159	(1)
Alone	160	(1)
Do It Yourself	160	(1)
Cost	160	(4)
Buyer's Premium	161	(1)
Seller's Commission	161	(1)
Upper Range of Cost	162	(1)
Review	162	(2)
Curb Appeal	164	(1)
Auctioning Your Home for Top Dollar	165	(6)
Top Dollar Weekend Auction	165	(1)
Key Five	166	(3)
Seven O'clock	166	(1)
Seven-Fifteen	167	(1)
Seven-Thirty	167	(1)
Seven Forty-Five	167	(1)
Eight O'clock	168	(1)
Changes	169	(2)
Going... Going... Gone!	171	(6)
Top Dollar Dutch Auction	171	(1)
Variations	172	(1)
The Auction	172	(2)
Eight O'clock	173	(1)
The Bidding	174	(1)
Auctioned for Top Dollar!	174	(3)
Show Me the Money!	177	(8)
Money Magnate	177	(1)
Before the Auction Begins	177	(1)
Bidder Financial Information	178	(2)
Verification	179	(1)
Confirmation	180	(1)
Contract	180	(1)
Top Dollar (TD) Creative Auction	181	(3)
Seller Financing	182	(1)
Seller Carryback	182	(1)
TD Creative Auction Example	182	(2)
Quick Money	184	(1)
After the Auction	185	(6)
Now What?	185	(1)
Closing	185	(1)
Escrow	186	(3)
Opening Escrow	186	(1)
Key Six	187	(1)
Closing Escrow	188	(1)
Forms	189	(2)
Auction Paperwork	191	(6)
Paperwork	191	(1)
Market Value Worksheet	192	(1)
Property Fact Pack	192	(2)
Auction Registration Form	194	(1)
Bidders' Paddles	195	(1)
Escrow Instructions	195	(1)
Caveat Emptor	196	(1)
Auction Precautions	197	(6)
Be Aware	197	(1)
Auction vs. Raffle	197	(1)
Prevent No-Shows	198	(1)
Know Your Bidders	199	(1)
Verify Funds	199	(1)
Backup Bids	200	(1)
Buyer's Remorse	200	(1)
Auction Profits	201	(2)
Auction Tax Consequences	203	(4)
True Becomes Untrue	203	(1)
New Law	204	(1)
Figure Your Tax	205	(1)
Powerful Medium	206	(1)
[e-mail]	207	(6)
High-Tech or High-Touch?	207	(1)
Paving the Way	208	(1)
[e-mail]	208	(3)
Preparation	209	(1)
Silent Auction	209	(1)
Type of Auction	210	(1)
Where to Auction	210	(1)
Mortgage Auctions	211	(1)
The Future	211	(2)
Auctions of the Future	213	(4)
Virtual Reality	213	(1)
Fad or Trend?	214	(1)
Here to Stay	214	(1)
Final Thoughts	215	(2)
Index	217