BY MICHELLE MOWAD

With more homes going into foreclosure, owners having difficulties making their mortgage payments, and sellers owing more than their house is worth, sellers are seeking alternative and fast ways to sell their homes.

Bill Shepner, owner of Dumpinghomes.com and Dumpingcondos.com, a residential real estate auctioneer in Cardiff-by-the-Sea, said auctions are an alternative for owners looking to sell quickly with no hidden costs.

“Our method is to get the quickest sale, the best price and the most people to the auction,” said Shepner, who has been involved in auctions for years.

Shepner charges a flat fee for auctioning a property that covers everything from marketing and bidding to closing the sale. He said his $10,000 to $30,000 fee is significantly lower than the typical 5 percent to 6 percent commissions paid to agents.

Moreover, he said the turn-around time for a sale is always fewer than 30 days.

Last month, Shepner directed the sale of a two-bedroom, two-and-a-half bath. split-level condominium in La Costa. The property, which was appraised at $430,000, sold for $380,000 with no reserve. A reserve price is the minimum amount that owners are willing to receive when selling their homes. The opening bid on the La Costa condo was $225,780.

He said several units in the complex had been listed for months but not sold, so this was a way for the owner to get rid of the property without waiting.

Shepner said buyers have become immune to typical print advertising and dependent on the Internet. With thousands of listings in San Diego, he said alternative marketing strategies, such as distributing 10,000 fliers and posting hundreds of signs on poles are better ways to reach buyers.

“Auctions are cyclical in the real estate market,” said Shepner. “Auctions will become a way of life.”

Dumpinghomes is focusing now on the auction of a six-bedroom, four-bathroom home in the Rolando neighborhood near San Diego State University. The comparative market analysis shows a value of $703,290 for the house, but is being listed with no reserve.

The American Bureau of Auction Marketing Exchange of San Diego has been auctioning more residential properties this year with a reserve price.

Emilio Lemeni, president of ABAMEX, said home auctions often start $50,000 lower than the market value of a property.