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Tranzon Fox was hired to market and sell a five-acre mini farm that included a
five bedroom home, a barn, paddocks and equestrian trails. The property was
appraised at $215,000 and listed through a conventional broker at $217,000.
There had been no offers. Tranzon Fox offered the property at auction with an
undisclosed reserve price that guaranteed a minimum amount or no sale would be
concluded. Marketing included newspaper ads and signage on the property.
Tranzon Fox also arranged for a home inspection report that was included in an
information package prepared for inquirers.
Twenty-six prospective buyers responded to the campaign, and each received an
information package and follow-up via telemarketing. One buyer submitted a
contract prior to the auction, but the offer was too low. Tranzon Fox
negotiated with the prospective buyer, presenting alternative financing options
and obtained a higher bid that the seller accepted. The selling price was
$190,000.
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