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Updated almost 6 years ago,

User Stats

55
Posts
40
Votes
Mel Selvidge
  • Real Estate Agent
  • Berkeley, CA
40
Votes |
55
Posts

Experience selling non-distressed land at auction?

Mel Selvidge
  • Real Estate Agent
  • Berkeley, CA
Posted

I have an unusual land listing in the Berkeley Hills that my client is considering selling at auction. It's got glorious three-bridge views, electric, water, and neighbors (presumably on septic), but is not believed to be presently buildable because there isn't nearby municipal sewer. It was priced on the MLS to account for this, however nonetheless its been hard to comp. If the sewer issue were to be rectified, we'd expect the value to be much, much higher, so it could be a great investment for someone in a position to hold it. The challenge has been connecting with that buyer. The seller is considering selling it via an auction website to reach a more investment-oriented buyers.

Can anyone share their experience selling their own land this way?  Do you feel like you got a fair market value?  Were there pitfalls to be aware of?  Is there a standard practice for dealing with contingencies in private party land auctions?  Is there a preferred site?

Thanks for any info or advice.