Seller Advantages
Advantages of Selling Property at Auction
Auction sales reduce the time on market. Once the promotion begins, the auction usually takes place in a few weeks. Sellers like knowing their property will be sold on a certain date. Auctions avoid drawn-out negotiations and unnecessary contingencies, because terms and conditions are preset by the seller.
- Can liquidate property fast
- Creates competition among buyers
- Exposes property to a large number of prospects
- Accelerates closing
- Seller knows exactly when property will sell
- Real estate auction reduces the amount of time a property is on the market
- Auction eliminates numerous and unscheduled showings
- Auction takes seller out of negotiating process, allowing the seller to sell the property under his/her terms and conditions
Other Benefits to the Seller
- Buyers come prepared to buy
- Quick disposal reduces long-term carrying costs, including taxes and maintenance
- Assurance that property will be sold at true market value
- Exposes the property to a large number of prospects
- Accelerates the sale
- Creates competition among buyers - auction price can exceed the price of a negotiated sale
- The seller knows exactly when the property will sell
- Eliminates numerous and unscheduled showings
- Takes the seller out of the sensitive negotiation process
- Ensures an aggressive marketing program that increases interest and visibility
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