It’s no secret that North Chattanooga is one of the hottest areas in town. Appealing to young families and professionals, the district is home to highly ranked schools and provides easy access to the downtown riverfront — parks, recreation, eateries, bars and shops.
You might think that selling a home in the area would be a breeze. But, as anyone who’s sold a home can attest, the sales process is rarely simple or straightforward. There’s ALWAYS worries. Always pressure. Negotiations… Contingencies… Delays… The longer a home sits on the market, the more it loses in value and drains profits. Meanwhile the seller remains on the hook for continued mortgage and upkeep.
Compounding these concerns is the fact that the seller is likely to be in the middle of their own relocation process.
So, when the estate trust of a long-time North Chattanooga resident was looking for a quick, hassle-free way deal with the dispossession of a charming 50s rancher and a house full of personal property, our real estate auction team provided them with a customized solutions package that eased their concerns and optimized their profits.
“For the Young Ave. property, the auction option was definitely the best way to go,” says Compass President Paige Holt. “Our team provides traditional andauction real estate solutions. Both have their advantages. So, it’s good to have all the options available for our clients — and then to see them come away from the sale with such a big win.”
Starting a 6:30 PM on November 29 at 503 Young Ave, the live auction event kicked off with a packed house and even more bidders participating via the online simulcast. From start to finish, it lasted less than 30 minutes and, according to the sales records, the home sold for 133% of its appraised value.
“It was a great night for the family and the estate trust, to be certain,” says Holt. “They were able to meet and exceed all of their goals. And we wrapped it up in an extremely expeditious fashion!”
As per the wishes of the estate trust, all profits from the sale of 503 Young Avenue went to a handful of well-respected charities — including Doctors Without Borders.
“We exceeded our client’s expectations, to be sure,” Holt says. “And, along the way, we were able to help some great causes.”
Holt started Compass Auctions and Real Estate with her husband Steven in 2004.
“We’ve grown a lot in the last 14 years. But we remain focused on matching customers and clients with real estate sales options the are custom tailored to fit their needs. Nobody else can provide our range of options at our level of service. That’s a great feeling!”