Memphis, Tenn. (PRWEB) February 26, 2006
It was standing room only at the Roebuck Auction Center Thursday, Feb. 23, when 33 properties located in Midtown Memphis sold in rapid succession.
“The turnout was phenomenal,” said Auctioneer John Roebuck, president of Roebuck Auctions. “Investors realize a good opportunity when they see one, and there were so many properties included in today’s sale. They knew it and obviously, they couldn’t stay away.”
Marie Hogan was one of the successful bidders, and she said it was her first time buying a home by herself at an auction.
“It was a good experience. I learned a lot. There were way more people than I expected. It was a really pleasant atmosphere.”
Memphis businessman Dick Moore, who owned all the property, said he was pleased with the outcome, even though he was sweating blood during the sale.
“I’ve got blood in my socks, but other than that, I’m okay. This sale really brought the money,” he said.
Moore sold all the rental properties because he was under a time constraint due to an Internal Revenue Service 1031 tax exchange, which stipulates properties must be sold within six months. He said he knew he could rely on an auction to provide a speedy sale.
“There’s no way I could have sold all these 33 properties in six months using conventional methods.”
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