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Auctions are a cost-effective, accelerate method to sell a property.
Until recently, real estate auctions, unlike art and antique auctions, have experienced unfounded negative images in the marketplace. The majority of auctions today don't result from foreclosure of distress situations, but rather are the result of a seller choosing a cost-effective, accelerate method to sell a property.
Auction allows the seller to eliminate virtually all long-term carrying costs, passing the savings directly to the purchaser in the form of a reduced price. Auction is truly a win-win situation: sellers obtain immediate cash and buyers purchase properties at fair market value, the price determined by open, competitive bidding.
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
- Assurance that property will sell at true market value
- Accelerates the sale
- Creates competition among buyers
- Requires potential buyers to pre-qualify for financing
- The seller knows exactly when the property will sell
- Takes the seller out of the negotiation process
BENEFITS TO THE BUYER:
- The buyer knows the seller is committed to sell
- Buyers determine the purchase price
- Auctions eliminate long negotiation periods
- Auctions reduce time to purchase property
- Purchasing and closing dates are known
- Buyers receive comprehensive information on property
Factors That Impact Success of an Auction?
1. The seller must have realistic expectations, including a fair sales price, terms and timing.
2. The desirability of the property. This includes location, conditions, plus the value of surrounding properties.
3. Choosing the auction type that best suits the property and the seller's needs.
4. A well planned marketing/advertising campaign targeted to prospective purchasers.
5. Using a recognized real estate auction company or a REALTOR® Auctioneer .
6. Making sure that due diligence information is provided to prospective buyers ahead of time.
7. Preparing the property for sale so it is presented to prospects in its best condition.