Auctions
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REAL ESTATE AUCTIONS: THE BASICS & BENEFITS Every type of property, from new construction to historic homes to handyman specials is available on the auction block. The key advantages for buyers: As long as the house isn't in foreclosure, auction purchases tend to be clean and quick, closing in about half the time of a typical real estate sale. Everybody interested in the house has an equal chance to get it; and if bidders don't get carried away, the auction process can provide some reassurance that they're not overpaying for the property. Looking for information about real estate auctions? Q. What is a Real Estate Auction? A. A real estate auction is an innovative and effective method of selling real estate. It is an intense, accelerated real estate marketing process that involves the public sale of any property -- most certainly including those that are nondistressed -- through open cry, competitive bidding. Q. How will auction benefit me? A. The real estate auction is a win-win proposition for everyone involved. BENEFITS TO THE SELLER: * Buyers come prepared to buy * Quick disposal reduces long-term carrying costs, including taxes & maintenance * Assurance that property will be sold at true market value * Exposes the property to a large number of pre-qualified prospects * Accelerates the sale * Creates competition among buyers - auction price can exceed the price of a negotiated sale * Requires potential buyers to pre-qualify for financing * The seller knows exactly when the property will sell * Eliminates numerous and unscheduled showings * Takes the seller out of the negotiation process * Ensures an aggressive marketing program that increases interest and visibility BENEFITS TO THE BUYER: * Smart investments are made as properties are usually purchased at fair market value through competitive bidding * The buyer knows the seller is committed to sell * In multi-property auctions the buyer sees many offerings in the same place at the same time * Buyers determine the purchase price * Auctions eliminate long negotiation periods * Auctions reduce time to purchase property * Purchasing and closing dates are known * Buyers know they are competing fairly and on the same terms as all other buyers * Buyers receive comprehensive information on property via due diligence packet * Offers clients and customers new selling and purchasing options * Increases revenue and market share * Develops your own market niche The Real Estate Auction companies and Real Estate Auctioneers featured here have years of experience and can assist you with any aspect of a property auction transaction. Contact one of our Real Estate Auction companies to learn more about the auction process.
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