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Linda Mardi

ibidcondo.com online auction results - Star Riverside Austin TX

05-26-09
Linda Mardi

Tonight witnessed the inaugural auction of newly launched ibidcondo.com - an online real estate auction company. Star Riverside unit #104 sold tonight for $86,840 by online real estate auction. The list price was $690,000. There was NO reserve. Bidders had to pay a $100 seat fee to participate. The seat fee covers the sellers cost of the property. The bulk of the auction proceeds is donated to a charity of Buyer's choosing.

I bought a seat and bid in the auction. It lasted 25 minutes. The first 5 minutes took forever for the price to get higher because the bid increment was only $10. After 5 minutes, the bid increment increased to $100. And in the final 10 minutes, the bid increment was $1,000. I lost out by $2,000. The buyer has 48 hours to sign the sales contract and pay cash.

The company has posted its upcoming auctions for other units in the same complex - to be built early 2010. This is a tremendous opportunity/deal - even a "steal" I'd add.

Linda Mardi
AuctionFirst.com

Austin Auction Results - Brazos Place Condo Auction May 17 2009

05-17-09
Linda Mardi

I attended today's auction of 19 Brazos Condos in Austin TX. Real estate auction company Kennedy Wilson today auctioned 19 units in under 2 hours. Although all of the units had very low starting bids, the auctioneer explained at the begining of the auction that the units had unpublished reserves and that to win the bid, the highest bid had to meet or exceed the unpublished reserves.

The auction was extremely well attended, with over 200 packed into the Hilton downtown hotel ballroom. It appeared that many of the bidders had pre-registered with the company - streamlining their entrance into the ballroom. Only registered bidders were allowed inside.

The auction itself was well paced. The auctioneer did a great job of explaining how the bidding would work and how he would gradually lower the increments, from $25,000 down to not less than $1,000. The bid assistants also did a great job of maintaining lively interest and tracking the various bidders with loud "yeps" as someone bid a higher increment.

As the bidding proceeded, the auctioneer would announce when the unpublished reserve had been met and that the unit would then be sold to the highest bidder, no longer subject to seller's confirmation. All but one unit was announced sold. There was only one unit that did not meet the reserve and was sold subject to seller's confirmation.

This was a great auction to watch! However, as a real estate auctioneer myself, I can tell you that the critical and most important aspect of the auction is the marketing program. This auction was well marketed - read about it, heard about everywhere - plus it gots tons of tv news and media exposure. Additionally, the auction company and builder were able to maintain a sales office open 7 days a week with models available to walk thru. This auction had great participation for several reasons: (1) well marketed; (2) great product; and (3) minimum bids, even though meaningless, help grab attention; and (4) extremely well executed auction logistics/strategy.

What a great way to buy! Terms and conditions were transparent, the only thing the buyer needed to do was figure out how much he/she wanted to pay maximum, figure out their financing, and then get a $2500 certified check per property they wanted to buy. A 4% buyers premium will be added to each high bid to total the sales price. Buyers have 30 days to close escrow. Final sales prices were between 20-40% less than the last sales price.

What a great way to sell! Auctions present an ideal opportunity for builders, especially condo builders who have financing considerations tied to the number of unsold units remaining.

I've traveled the country attending real estate auctions from some of the best auction companies. This was my first Kennedy-Wilson auction - a California based company that holds real estate auctions across the country. I was impressed with Wilson-Kennedy's auction logistics today. Their auction team and staff appeared top notch and experienced. The auctioneer did a fabulous job! So often, I'm embarrassed by what I find to be old-school auctioneers that engage in non-appreciated humor or just a bit too much 'country' inappropriate for more upscale / commercial property auctions. Registration flowed smoothly, thanks in large part to pre-registration packets available, and the contract signing room also appeared to run smoothly, with Heritage Title assisting with contracts.

Linda Mardi, Auctioneer/Broker/Attorney
www.AuctionFirst.com
Specializing in accelerated marketing of real estate sales thru auction. Sell your property in 30 days - ask us how.

200 prospects in 30 days; sold in 14 minutes

04-04-09
Linda Mardi

AuctionFirst.com Update
Successful weekend auction in Austin, Texas

What a fantastic auction in Austin, TX on Saturday! It was repeat business from a family we’ve helped before. This time, Dr. Najem (Grandpa) had already moved out of state and was really tired having his house sit on the market unsold after a year. It was a lovely home with 5,000 square feet on a beautiful golf course lot. Since the doctor owned the house outright, he authorized an “Absolute” auction which always attracts the most bidders and in turn brings the highest price possible. There were 10 registered bidders and the home was declared “Sold” in 14 minutes. We had hoped to achieve a sale price of at least $275,000. The final sale price was $336,600 with the bidding at $1,000 increments between two bidders for the final exciting moments. Here are some photos of the action.
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The tent and balloons are up and the auction team is ready to register bidders and guests.

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Bidders have a final chance to read over documentation prior to bidding. Because AuctionFirst provided a professional inspection report performed by a well respected company, only one bidder chose to get her own additional inspection done.















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The auction team conferring just prior to start of the bidding. Team members included
Linda Mardi, Sarah Sonke, Kira, Danni Lynn, Flip, Leigh and Veronica.

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Bidding is underway. Groups of registered bidders are seated in the 20 reserved chairs at the front.
Guests watching are standing in the back – another 25-30 plus two sets of golfers in golf carts to the far right (out of view in this picture).

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The view from the golf course fairway looking back at the auction action.

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The underbidder, being helped by Flip, an AuctionFirst bidspotter. This fellow really
wanted to live in the house but let it go to someone else for $1,000 higher bid.

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Flip’s wife Danni Lynn is bid assistant helping the successful high bidder. At the time
this photo was taken the bid increments were $1000 and bidding was going back and
forth between two bidders rapidly. Everyone watching loved the action! Who was
going to win?

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Photo of the high bidder with his family and the auctioneer, Linda Mardi. The buyer said he exceeded
his predetermined spending limit due to the bidding competition. His two sons were
cheerleading their dad to win the bid and could hardly stand the excitement. Interesting
point - this man’s wife came by herself and saw the home the day prior to auction. She’d come
primarily to purchase some of the furnishings. On the basis of her report, her husband
got a cashier’s check and came prepared to win the bid at auction beating out all other potential
bidders who had studied it for weeks. Just goes to show that when the wife has been looking for the
right house and finds it, BUY IT!

The sale will close in 30 days with no contingencies for financing or repairs. Should there
be any bumps in the road, we also have the under bidder on contract for $1,000 less
and he really wants the house too.

Is our client happy? He’s over the moon happy and relieved, along with his entire family.
Now grandpa can finally move on with his life!

What can we auction for you? We’re now signing auctions for May and June.
Call today for a confidential discussion to determine whether your real estate is a good
candidate for auction.
Linda Mardi
AuctionFirst.com
512-255-9502
800-498-9428

Top Austin Agent launches Auction company

02-03-08
Linda Mardi

Hi All,

Newsflash! Robert Grunnah of Castle Hill Investments in Austin TX has launched a real estate auction company Home Auction Live! - you can find it at www.HomeAuctionLive.com.

Robert is Austin's #3 top producer for 2006, according to Austin Business Journal, with over $50M in annual sales. Looking for a way to diversify his existing brokerage that focuses on rental properties and investors, Robert decided that real estate auctions are here to stay and gaining appeal by sellers as an alternative way to market and sell their properties.

Home Auction Live launched February 1st and its first auction is scheduled for March 1, 2008 at the Hyatt Regency in Town Lake, Austin TX. The company expects to have 20+ properties up for sale that include mostly single family residences, but also some lots, multifamily, and commercial opportunities. All sellers have been pre-qualified as highly motivated and confidential reserves are super low. Buyers need to do their homework ahead of the auction - but have a great chance to get a wonderful deal.

The auction will be quite an event. Plus, the company is planning on regular monthly auctions on the first saturday of each month.

Linda Mardi, President/Auctioneer/Broker/Attorney
AuctionFirst.com

AuctionFirst specializes in selling real estate by accelerate auction marketing.