Real estate auctions can be appealing to many different types of people for many different reasons and can be the perfect solution for anyone wanting to sell any property. From waterfront properties to estate homes, today’s real estate market presents challenges, and auctions offer certain advantages over selling property the traditional way.
With so many homes and in a slower market, specific steps need to be taken to ensure the Seller’s profit. We understand those steps and apply industry knowledge to move the home, condominium, piece of land, or commerical property from a ‘For Sale’ to a ‘Sold’.
In an auction, Sellers control the process. Sellers will benefit because:
• Certain costs are eliminated with property auctions. Sellers are not responsible for paying long term carrying costs, which can include any interest accumulated on loans, maintenance, or other taxes.
• Competition is created among buyers, and oftentimes the final sale price will exceed the property’s appraised price.
• At auctions, buyers are prepared to buy. They are pre-qualified for financing, so final bids are final with no financing contingencies.
• Property is viewed by multiple pre-qualified buyers.
• Sellers skip the step of multiple real estate showings and are able to select the details regarding when they want to sell.
• Sellers are taken out of the negotiation process.
• The selling process is accelerated. From the time the auction ends, 30 to 45 days are allotted for the closing period.
• Auctions will provide your property with heightened exposure in a short amount of time. Auctioneers are marketing specialists.
• People will come to auctions during good and bad economic times. An auction is an event, and regardless of the economy, auctions are attended by pre-qualified buyers.