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Auctions Explained

Auctions Explained


What is a Real Estate Auction?
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.

How will auction benefit me?
The real estate auction is a win-win proposition for everyone involved.

BENEFITS TO THE SELLER:

  • Buyers come prepared to buy
  • 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
  • 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