New York Times - Frustrated Sellers, Take Note

New York Times - Real Estate Section
"Frustrated Sellers, Take Note"
January 6, 2008
Elsa Brenner

On Jan. 27, Fereydoun and Dolores Fani's five-bedroom three-bath Stony Point colonial is scheduled to be sold at auction. This is not because the house is in foreclosure, but because the Fanis have been waiting 18 months for a buyer to come along, have already moved elsewhere and are tired of paying for two homes.

Residential auctions, a tool that more sellers are turning to as traditional sales stagnate, accounted for $16 billion in 2006, up 12.5 percent over 2005, said Chris Longly, a spokesman for the National Auctioneers Association in Overland Park, Kan. (The number covers both distressed and nondistressed properties.)

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