What is a Real Estate Auction?

Q. What is a Real Estate Auction?

A. 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 -- including those that are nondistressed -- through competitive bidding.

How will an Auction Benefit Me?

Q. How will auction benefit me?

A. 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, including taxes & maintenance
• 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
• In multi-property auctions the buyer sees many offerings in the same place at the same time
• 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