REAL ESTATE AUCTIONS:
A Real Estate Auction is an effective way of selling Real Estate in a shorter period of time than the more conventional way of listing with your local broker. Most properties are salable at auction. All forms of real estate, including residential, land, farms, townhouses, condominiums, commercial, industrial, boat slips are sold at auction. Real Estate auctions usually sell “AS IS”, “WHERE IS” for cash with closing within 30 days or less. Just some of the advantages of selling your Real Estate at auction are…
- Shorter time period of being on the market. Vacant properties may encourage vandalism thus creating higher insurance costs for the seller.
- Removes the higher costs for having to pay taxes, insurance, and upkeep on the property.
- Creates buyer's interests.
- Buyers know to have funds beforehand to buy. Buyers come prepared to purchase.
- Conditions and terms are usually preset before the sale. Auctions prevent unneeded contingencies
- Convenience to sell the personal property and the real estate in one day.
- Real Estate auctions create buyer rivalry as well as creating excitement, interest and curiosity.
- Competitive bidding frequently brings a sale price higher than the anticipations of the seller.
- Exposes the property selling to a lot of pre-qualified prospects.
- Assurance that the property will probably be sold at true market value.
- Eliminates numerous and unscheduled showings.
- The seller knows exactly when the property will sell and what he/she will net at closing.
Real Estate AuctionsAdvantages for the buyer at auction…
- The buyer knows the seller is serious about selling.
- When properties are bought at fair market value through competitive bidding, smart investments are made.
- Auctions remove long discussion intervals.
- Auctions reduce the time in buying properties.
- Buyers know exactly what the final costs and date of closing.
- Buyers know that they are competing on the same conditions as all the other buyers.
- A good auction property is one that has lots of equity, (25% or more).
- Properties that are unique are good candidates for auction as they are not easy to appraise.
- Have lots of high carrying costs for the owner.