Real Estate News: Jones Cove home to hit the auction block

Auctions & Traditional listings both have their place michele@theheraldnewspapers.com Recently, many people have decided to sell their property though the auction method rather than wait for property to sell through the traditional listing method. Both methods have their place in the real estate market. Farms are a good example of real estate sold at auction. In many cases, farms are divided up in various tracts and sold giving the seller an opportunity to have various bidders and bidders the opportunity to have a piece of property they may otherwise not be able to afford. On Saturday, August 5th, a home, lot and personal property sale will be held on Wilhite Rd. in the growing Jones Cove area. Some of the items to hit the auction block include a Hoosier Cabinet and table, a service of 8 of Noritake China, a big screen TV, an antique mantel, appliances, artwork, a riding lawnmower, and miscellaneous household items along with a 4 bedroom residence and an adjoining lot with two mobile homes. “I love going to these types of auctions,” stated Stan Smith of Knoxville. “You never know what you’re going to find and lots of times you can walk away with a good deal.” Sellers like it because it gives them the opportunity to move a piece a property on their schedule instead of waiting around for the conventional route. Traditionally, most property auctions are held ‘Absolute’ meaning, the property will sell regardless of how high or low the bidding goes. That is the usual method used by auctioneers in Sevier County. Sellers must keep this in mind when selling a piece of property through the auction method. You may not get what you want for your property; then again, you may end up getting much more. The types of property auctioned off vary as well. In the last few weeks, farm land in acreages, lots, cabins and a motel were auctioned off in the Sevier County area. As a new agent I’ve found that the real estate business is time consuming, especially with working the newspapers which is my first love but I really enjoy going to auctions (especially antique auctions) and working with real estate so I thought it would be fun to give it a shot and work in the real estate industry as well as the newspaper business. So far, I’m having a great time and I’ve found the majority of people who sell through the auction method are satisfied with the results. Most auctioneers add what is called a ‘Buyers Premium’ to the final sales price. The percent can vary but the standard rate is 10%. What this means is when the final bid is taken, a 10% charge will be added to that final bid. “I don’t want to take the chance,” stated Marlene Grant who has several home lots for sale. “There is a certain price I want for my property and I don’t mind waiting to get it.” That’s the beauty of the real estate business, you have a choice. The auction method isn’t for everyone. Neither is the traditional route of ‘For Sale by Owner’ or listing with an agent. The best advice is to ask a lot of questions before making your decision when it comes to selling your property. For more information on the August 5th auction you can contact Thompson Carr Real Estate & Auctions at 774-5358 and tell them you saw this article in The Herald. The preview will be held Friday, August 4th from 4:00 p.m. until dark.