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I semi-new at real estate. I own a rental house in addition to my own house and have successfully flipped two houses since Sept. I recently bought a house at $242,000 at foreclosure appraising at $281,000 on Zillow now although it appraised much higher a couple months ago. It had been on the market for a long time and was kind of known for having water problems in the basement. We have fixed those as well as made some updates such as paint, appliances, landscaping. We took it from bad taste shabby to classic cape cod. We were thinking of auctioning the house. However, we have been advised by a friend in Real Estate that auctions do not work well in the East TN area because of the Appalachian mountain mindset. According to her, people in east TN don’t get trust idea of bidding that day and think that if someone wants you to do that there is something very wrong with the house or that the people selling it are desperate. She said the auctions around here almost always end with no bids, unless it’s a bank auction and the price is very low. She also said that if we do an auction and it doesn’t work that the house will be marked as undesirable thus making it harder to sell.
Jackie, what are your thoughts on this?
Sincerely,
Ed
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