"The true value of the property will be discovered by the buying public"
This is not your tipical way to sell your house. In the new book by Bill Effros, "How to Sell your Home in 5 Days" outlines an auction-type method that users call a "round-robin" bidding process.
"In traditional real estate transactions, we start artificially high and work down," says George Cappony, a 5-day sale coach who runs the Web site www.5-daysale.com. "Here we start artificially low and let the market tell us what the house is worth." "It works just like on eBay. If I don't reach that [reserve], I don't sell the property."
The biggest financial advantage is that the method enables the seller to save on broker commissions and fees. And if the final sale price does not bring what the seller originally thought the house would bring, that may be due more to unrealistic expectations than a faulty method