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The Real Estate Auction Company

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"...What I needed was URGENCY---A reason for buyers to buy my house in as-is condition-NOW. And that is why I went with the auction format... BIG SUCCESS….My problem home was SOLD!!!"
-Mark F.

  » Testimonials

Dodd Harrington (Real Estate Investor) discusses her experience with Elite

 

Dear Mike Grigg and the Auction team:

I just wanted to thank you for the wonderful job you guys did! I could not be happier with the auction process and result for my home at 1107 El Paso Dr. Los Angeles Ca.

As you know, my home was in need of a lot of repairs, and the auction process enabled me to sell the home with minimal repairs, while still reaping the highest possible price.

I thought I would share my thoughts with you on the whole experience so you can help others like me. In my situation, my home needed a lot of cosmetic, termite/dry-rot, structural, and other repairs. I did not want to spend the money to fix these problems; however, I did want to sell the property. I could have listed the house in the "normal" way, but I felt that if I had done that there would have been a good chance (because of the numerous repairs needed) that the home would have sat on the market for many months, and may not have even sold. Timing was VERY important to me, as the real estate market seemed to be going down in value. (Asking prices had dropped about 10% in my area over a two-month period). What I needed was URGENCY---A reason for buyers to buy my house in as-is condition-NOW. And that is why I went with the auction format.

I met with Mike and we discussed his marketing plan. It was VERY intensive, involving numerous print and newspaper spots, direct mail, internet, property signs, as well as signs that Mike personally placed throughout the neighborhood. All of the ads generated a lot of a calls and interest, which Mike focused on to the one open house where people came to view the home.

We disclosed all of the repairs needed to the home in the bidders packet, and this package was given out to anyone who requested it, as well as to all those who registered to bid. We had over 120 people attend the open house! Seeing all those people really generated urgency as buyers felt this was a great opportunity.

One week after the open house was our auction day. On auction day we had 15 bidders register (they have to bring a cashiers check to bid) and about 60-70 people in total showed up. The type of auction I chose was an absolute auction. This means the home will sell regardless of the end price. This type of auction will generate the most interest; however there are other types of auctions Mike can do including minimum bid auctions, or seller confirmation auctions where the seller can refuse the end price. The absolute auction fit my needs best.

Mike started the auction at $100,000, but quickly got it up to $300,000. Here is where Mike did a GREAT job! He really "worked" the crowd by getting the people bidding against each other. I truly do not think this would have happened had I merely listed the home in the "normal" way. Through his efforts Mike was able to work the bid all the way up to $379,000! And per auction rules 10% was then added on to make $416,900. This is another GREAT aspect of the auction process as the bidders can lose track of the final price. (Keep in mind Mike and the Elite Auctions Team represents YOUR interest as the seller!). Once the bidding is over, the winner must give his cashiers check to Mike. If the buyer backs out for ANY reason he will lose the money. This is yet another reason why I went with the auction method! In most "normal" sales if the buyer does not get a loan or other reason he can back out and he will not lose anything!! With an auction format the buyer WILL lose the deposit if he does not complete the sale for any reason!

Now with the auction over Mike took the deposit and we opened escrow. 31 days later we closed escrow without any problems and….BIG SUCCESS….My problem home was SOLD!!! By the way, had I listed in the "normal" way I feel that I would have asked $385,000 to $400,000 (Based on other homes listed for sale in the area). In fact, I even had offered to sell the house a year ago to a neighbor who was interested for only $350,000 (with no commissions), but she refused the offer! By selling via an auction I was able to get $67,000 more than I had offered to sell the house to a neighbor! Even after the auction costs and commission I still got $30,000 MORE than if I had sold to the neighbor, AND the real estate market had gone down in value since I had made the original offer to the neighbor one year ago. I cannot thank Mike and his team enough for all their efforts! The entire process was very professional and I would defiantly recommend Mike and his team to anyone. Please feel free to show this letter to anyone interested in the auction process, or feel free to have anyone contact me if they would like a personal referral, or if they have questions about my experience with your company.

Once again, Thank you very much,

Mark F.

In his February Newsletter, Bruce Norris stated: "I just sold the last two houses in Rosamond at an auction.  The auction company [Elite Auctions] did a stellar job.  The auction company even put the property in the MLS.  Thirteen bidders showed up on a Saturday.  I doubt any Rosamond house had more attention or exposure in the preceding month as those two houses did."

Bruce Norris is an active investor, hard money lender, and real estate educator extraordinaire with over 25 years experience. Bruce has been involved in over 2,000 real estate transactions as a buyer, seller and money partner. Renowned for his ability to forecast real estate market trends and timing, the release of The California Comeback in 1997 gained him much notoriety and its accuracy of the extensive report led many California investors to financial freedom. His latest release, The California Crash is an in-depth look into the coming California market correction and the statistics behind Bruce's predictions.

I sold my house at auction "...Serious marketing needed to be done and I did not have the time to do it.  So, I decided to try the auction method.  [Elite Auctions] sent out 5,000 slick postcards to neighbors that said Trustee Liquidation Sale.  They put it in the MLS and in the LA Times and the local newspapers.  There were signs all over town.  I did not have to do a thing.  The day of auction, 18 people had $15,000 non-refundable checks in order to bid.  There were about 50 people there.  The auction was perfect and very professional.  At the end the property sold for market price.  I really recommend this.  It was easy and fast and IT WORKS!!!"

Phyllis Rockower - President / Founder of the Real Estate Investors Club of Los Angeles

To Mike Grigg,

I had the pleasure of working with your establishment through my recent Real Estate transaction. I was unsure at first because I had not heard of purchasing a home this way. Mike made me feel comfortable and the transaction went very smooth. Thank you I will use this route again in the future

Sincerely,
Cherie M.

Elite Auctions did a great job marketing, advertising and all other activities getting my property to auction. I was very pleased with their efforts to sell the property.

Thank You,

Frank St. Clair (St. Clair Realty)

Auction was staged well and professionally run. The whole process was simple.

A. Allas

We were pleased to have the property sold in such a down market.  Overall, I believe that Elite Auctions and Mike Grigg did their best to get a fair market price.  I would consider using Elite Auctions again.

Ian T. McGilvray (Las Palmas Properties, Inc.)

I just wanted to thank you all for your work on marketing my home for auction! I appreciate how personable and professional your staff treated me and the bidders.  You created such an exciting atmosphere!  It was AWESOME!

James G.

To Whom It May Concern: We would like to share with others how extremely valuable Elite Auctions has been in the sell our home.  We cannot begin to tell you how pleased we were with the various approaches used by Mike during the Auction  which proved successful in getting us the best possible price for our home, especially during such challenging times in the Real Estate Market.  During the escrow period they were willing to go the extra mile in communicating with the buyers and keeping us informed on how things were progressing.  We tried unsuccessfully for the last 8 months to sell our home until we put it up for auction with Mike Grigg.  Through their auction we were able to sell our home and close escrow within two months and move into our new home.  We felt Elite Auctions made our impossible dream come true.  A million Thanks go out to them and their staff and the professional manner in which they handled all transactions.

Sincerely,

 

Sean Bruce & Sandra Nelson

Dear Mike, Rick, Tenille,

This was my first experience at a "live auction" for property.  My clients were also my personal friends so I was put at ease after we met.  I felt my clients were in good hands and I didn't have the fear that they would NOT be provided with good service or protection.  You all were very prompt to address any concerns or questions we had and returned all calls in a timely manner.  As a Real Estate Agent I didn't feel you were out to "take my client" in the least.  That is one concern I have heard from other agents.

 

I am currently involved in an ONLINE auction and it does NOT even compare to the experience as I had with Elite Auctions.  The agent handling the listing needs lessons from you guys.  Most of the properties on this site are on POST AUCTION which means they are NOT getting the job done.  I would highly recommend Elite Auctions to do the job.

 

Anyway, I just wanted to thank you guys again and I look forward to doing more business with you.  I have also shared my experience with several other agents.  Again one of the things that make the transaction work was your staff making us comfortable.  More people in this business need to learn how to be nice, personal service is always the best way.

 

Sincerely,

Joyce Gebhart (Century 21 Showcase) 

Elite Auctions,

I attended one of your public auctons on October 3, 2007 for the properties at 27352 Cypress Street and 27166 Cole Avenue.  My buyer was the winning bid on both properties.  It was a pleasant experience and we look forward to attending another auction in the future.

 

Dave Patty (Century 21 Showcase) 

We liked the auction process because it was quick and easy and we liked that we didn't have to be in attendance.

Lakeview Associates

Elite Auctions Team,

This was my first experience with selling real estate through an auction.  The 2 houses I sold in the auction had been listed with an experienced agent for about 6 months with very few viewings.  During the listing period the houses were always priced at the bottom of the market and received zero offers.

 

Mike and his team did an amazing job.  They communicated to me during the entire process and were easy to reach when I had questions.  There were 18 registered bidders on auction day with about 40 attendees.  I doubt any home in the area had 18 viewings in the past 12 months.

 

While I wish the houses would have sold for more, I'm confident they brought in the maximum amount the market would allow at this time (and for a while).

 

Michael Fritsch

Dear Mike,

My partner and I would like to thank you guys for selling our fixer-upper.  We were VERY happy with the price the auction generated.  We bought the property for $75K and were hoping to sell it for at least $90K, maybe $100K if we were lucky.  To our surprise and delight, the final sales price was $134K!  That's almost twice what we paid for it -- we got a retail price without having to do any repairs!

I have to admit, I was a little hesitant about writing a $5,500 check for marketing expenses, but it was money well spent.  I was impressed when your marketing program produced 44 groups at our Open House, and I was amazed when 38 registered bidders actually showed up at the auction!  Believe it or not, I had problems finding parking on the day of the auction because there were so many cars parked up and down the street!  I don't know how you guys marketed our property, but it worked.

I'd also like to commend your staff for being courteous, professional, and keeping me informed every step of the way.  I was especially impressed on the day of the auction.  From the signs placed at major intersections (helping bidders find our auction), to the accommodations for the heat (the sun shade, umbrellas, and drinks), to the conduct of the auction itself, you guys did a first class job.

Even after the auction, your creative idea reduced our anticipated 45-day escrow to a 10-day escrow.  We expect to receive our profit check next week, rather than next month.  You're a valuable member of our team and we appreciate your efforts.

We look forward to selling many more houses using Elite Auctions.  We highly recommend Elite Auctions to anyone who wants to get the highest price for their property.

Thanks again,

Bob Uyeda

Elite Auctions,

We were very satisfied with the way the auction turned out.  We liked that is a very quick and easy process.  We would highly recommend Elite Auctions to anyone who wants a quick sale.  The Elite Auctions team is very friendly, courteous, and honest.

 

R. Green 

I liked that the auction process was quick with less hassle, and would do another auction with Elite because it enables me to make a move quicker w/o waiting on the market.  I appreciate your availability, your interest in helping me make it happen.

 

Diane A. 

I was very satisfied with the entire process.  Mike and his group did a fantastic job.  I would use them again.

M. Hellman 

The process was well explained to us by Mike who was prompt and courteous when he met us at our former home - really great since we moved over 100 miles away!  The auction moved along smoothly and we received very closely, in dollar amount, the price we were expecting according to the terms of sale.  Can't think of anything we disliked about the process.  We found the auction process to be the ideal way to sell our house in the current Bakersfield real estate market.  Thank you!! to everyone involved.

 

J. & P. Morrow

 

Just want to let you know that my experience with Elite Auctions was fantastic.  Elite Auctions created an atmosphere where you felt you were receiving the maximum dollar for your sale.  From getting the word out through advertising to the final bid, everything was extremely professional.  If you need to move your house immediately, I would highly recommend Elite Auctions.

Thanks,

 

David Bieber

 

 

To whom it may concern:

 

I have been very impressed with Elite Auctions and its employees.  They did a great job of explaining the benefits of using a public auction, explaining how the auction would be conducted, and following through with a successful auction.  From the very first meeting to the close of escrow, the staff has been friendly, professional, and very attentive to my needs as a seller.  I would highly recommend this company in the future.

 

Nicholas Firetag (Gresham Savage Nolan & Tilden)

 

I liked the auction process because of how easy it was.  Getting under contract and showing up to the auction was all I had to do!  You guys did a great job handling the marketing and actual sale as well as facilitating the closing.  I would do another auction in a NY Minute, because it was so easy!  You guys did all the work!  Connie is amazing -- so professional, responsive, knowledgeable, and a true pleasure to work with!  You guys really removed all of my stress -- well, until Auction Day, that is -- when I was on pins & needles until the gavel dropped on an acceptable price!  Aside from getting my property sold, the auction was a lot of fun, and you guys really made it a "happening" for the entire neighborhood!

 

Dodd Harrington 

 

It was very professional, started on time, and information plentiful.  We especially liked being given 45 days to complete the financing, and the home warranty.  We would come bid again because we did not have to pay the entire amount on that day.  It was our first auction experience, and we felt very comfortable with the entire process.  You will be seeing us again.

 

 

Past Bidder