DALLAS (CBS11) – Even in a hot real estate market like North Texas, sometimes a “for sale” sign just isn’t enough. Some owners are turning to auctions, to get the deal done.
In Dallas exclusive old Preston Hollow neighborhood, a walk through a 9,500 square foot home is a bit of a walk back through time.
It’s curved walls of windows, a master bathroom and closet you could get lost in, or live in, and land filled with old oaks and a pond, landed the owners at an asking price of $6.9 million. But now it’s set to sell at auction next week, starting at less than half that.
“We don’t suggest auction’s right for every situation,” said Mark Woodling, from United Strategic Client Services. “But when we sense there’s a scenario, that a seller need to move the property a little quicker, that’s when we step in.”
Woodling, who partners with local real estate agents on similar properties, says it’s often the three d’s – death, debt or divorce—attracting owners to look to auctions for a faster sale.
Only about 1 out of 20 properties he says really fit the bill, but not always historic homes.
A ranch estate in Waxahachie is up for grabs. So is hunting land in west Texas.
Auctions also routinely bring in buyers from beyond the Texas border, attracted by the possibility of a bargain.
“It’s a lot like artwork, and when you see the beauty, the uniqueness, you’re not going to find a buyer in your backyard,” Woodling said. “You’re going to need more of an international marketing strategy”
In this case, the owners hope that strategy brings in someone who wants to save the historic house, at a price, they get to name themselves.