What does it mean "silent auction" and owner financing for a house?
This house was on the market for about 3 months and the price dropped about 50K. Now the owner has a listing on craigslist saying owner financing, silent auction, but the price is the original price from the listing. The MLS says it's under contract at the lower price. What does this mean?
- ntLv 612 months agoFavorite Answer
It means they are accepting bids and they will finance with a nice sized down payment if you make a deal.
Its probably not an actual auction, its more like "make an offer".
I used to be a low end car dealer and every week we would bid on a new car dealers trade ins. We would write down how much we wanted to pay on each car and the next day the manager would open the bids and determine who won.
Problem is, he was buddies with another guy and he let that guy top the others bids after the fact which make the entire thing unfair. (If his buddy wanted the car)
Usually an owner cannot list it on their own if they have it with a realtor. But they can after the realtors contract expires.
- SlumlordLv 712 months ago
Silent auction means you put in bids for a property but write the bid in. Owner financing means the owner may carry some or all of the financing, essentially acting like the bank so you borrow money directly from them. The house being under contract on the MLS means somebody else bought it so the auction is assumedly off (this happens a fair amount). If you are really interested you could call the owner (or have your agent) and ask about putting in a backup bid but it appears the owner has signed a contract with someone else and best case you'd be 2nd in line to buy it.
- realtor.sailorLv 712 months ago
Craigslist does not up date their listings.
- Beverly SLv 712 months ago
If it's under contract someone has purchased it.
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- ocularnervosaLv 712 months ago
It means you put in written bids (instead of verbal bids) and the highest one wins.