A few weeks ago, a high end condo at the Gables Club that had been on the market for 9 months announced that it would be going up for absolute auction. Absolute auction means that no matter what, the condo would be sold to the highest bidder. It had been listed originally for $6,500,000 and it was to be auctioned the weekend of January 27th. Every weekend until that date, the unit was open to be viewed by potential buyers. Anyone interested would have to be registered with their realtor or on their own. I was so interested in seeing what would happen, because that is a pretty scary proposal for the seller that if someone came in at $2 million and that was the highest number received, they would have to sell. I had someone look that opted out, but if you are interested in an auction, you have to provide the proof of funds and be ready to close at auction. A week before the auction, we received an e-mail informing us that the owner had been presented a contract that he was willing to accept. It seems that the property had appraised lower and that the seller was pleased with the offer. That being said, it sold for more than $1million under the asking price. If the seller had had it listed closer to where it ultimately sold, I believe it would have sold much faster. Who knows, but it was a very interesting scenario!
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