Real Estate Auctions Essentials
What is a Real Estate Auction?
A real estate auction is a modern and efficient method of selling your real estate. It is an intensive, and fast real estate marketing process that deals with the public sale of any kind of property (obviously involving those that are nondistressed) by means of an open cry, competitive bidding.
How can I benefit from an auction?
The real estate auctions are a win-win propositions for everybody involved.
BENEFITS TO THE SELLER:
- Buyers come willing and prepared to purchase
- Fast disposal decreases long-term carrying costs, such as taxes and maintenance
- You are certain that property will be sold at its real market value
- Your property is exposed to a wide range of pre-qualified prospects
- The sale is accelerated
- Competition among buyers is created - auction price can exceed the price of a negotiated sale
- Potential buyers are required to pre-qualify for financing
- You know exactly when the property will sell
- Numerous and unscheduled showings are eliminated
- Takes the seller out of the negotiation process
- An aggressive marketing program that increases interest and visibility is ensured
