Post #4386 by Engr27 on the Berkshire Hathaway board

Stocks A to Z / Stocks B / Berkshire Hathaway (BRK.A)

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I also like the Aussie practice of selling via auction. A home is listed online, broker holds 2-3 open houses. An auction is held about a month later, unless the seller agrees to a private bid before. Most houses sell at the auction, and there is very little uncertainty about when and whether a house will sell.

Here, on the east coast of the U.S., we effectively have this practice. A highly desirable house, which is listed at $700k+, will post a sign "coming soon". Next, the sign is changed to "Open House Sunday 12-5pm". At the open house interested buyers are told that offers are due Monday at noon. The winning offer might be 10%-15% above listing price, especially when buyers use escalation clauses.

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