Selling at Auction
- Auction offers the seller an alternative marketing strategy.
- Auction creates competition among buyers – auction price can exceed the price of a negotiated sale. An auction generates excitement and heightens buyer interest.
- Auction exposes the property to a large number of pre-qualified prospects.
- Auction requires that potential buyers pre-qualify for loans.
- Professional auction sign on property in and of itself creates urgency and action.
- Accelerates sales – The property can sometimes be sold within six to eight weeks of listing.
- Eliminates high seller carrying costs – (such as interest, taxes, water, sewer, heat, maintenance, etc.)
- Auction generally requires buyer to pay both transfer taxes (1% savings to seller).
- Auction brings interested buyers to a point of decision – they must act now or lose an opportunity to purchase.
- Auction requires buyer deposit of 10%, thus calling buyer to a greater commitment.
- Auction is a true market forum – the highest buyer pays the lowest price a seller will accept.
- Auction reduces the time the property is on the open market.
- Auction eliminates numerous and unscheduled showings to unqualified prospects.
- Auction takes the seller out of the negotiation process and eliminates buyer contingencies and payment of buyer closing costs.
- Auction is an aggressive, advance marketing program that increases potential interest in and awareness of a specific property and gives the exact address for drive by prospects.
- A seller knows exactly when the property will sell and when final settlement/closing will occur.
- A seller sets the terms and conditions of the sale, maintains control of the property throughout the auction, and actively participates in the sale process.
- Seller has professional Realtor and Associates working with a professional Real Estate Auctioneer to market their property in the most efficient way.
- Seller is able to free up capital and move on to another house or investment.
View Buyers/Sellers Frequently Asked Questions