[5-DayForum] 2nd 5 day sale in Charlotte

[Rosemarie and Fred Belcher]

    Last weekend there were two 5 day sales in Charlotte. I went to both, to offer support! Someone I know from the real estate investors' club ran a sale on a house that was appraised recently at $340,000. The house is in a desirable part of Charlotte. He advertised at $149,900. He had insufficient calls on one weekend, so he ran it again. He had 60 calls. The bidding stopped at $205,000.  Since the mortgage is $270,000 he could not afford to sell to the highest bidder, even though that was the intent.
    I know you will say the market is bad, but Charlotte is one of the few places in the country where the market has not dropped lately - we are still growing here. Things are not moving quickly (that's why he ran a 5-day sale) but prices have not dropped the way they have in other places. 
    I have been encouraging this friend to do this and now I feel really bad that I have no good advice left - only sympathy! 
    Is there a big difference in results if the house is empty, or if it's an investor-owned property instead of the homeowner selling?
    He is too busy to write to the forum, but I will pass along any advice anyone can give.
    Thanks
    Rosemarie
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