A Win-Win Proposition for Buyers and Sellers
Real estate auctions provide great advantages for buyers and sellers. For buyers, they determine the purchase price. Also, the auction’s open forum allows the buyer to know the true value of a property since they are seeing first-hand what others are willing to pay. For sellers, auctions accelerate the sales process and they have confidence knowing that buyers are prepared to buy.
How Buyers Benefit:
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Buyers determine the purchase price and can often save money
- Buyers make smart investments because competitive bidding reveals true market price
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The buyer knows the seller is committed to sell
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Buyers have the freedom to stop bidding at any time
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Auctions eliminate uncertainty of long negotiation periods
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Auctions reduce time to purchase property
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Purchasing and closing dates are known
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Buyers know they are competing on the same terms as all other buyers
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Buyers have comprehensive information on a property before bidding
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Buyers may arrange for competitive financing before bidding
How Sellers Benefit:
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Property sells quickly, reducing long-term carrying costs
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Pre-qualified bidders come prepared to buy
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Assurance that property will be sold at true market value
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Property is viewed by the largest number of people that are in the market to buy
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Creates competition among buyers
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Requires potential buyers to pre-qualify for financing
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The seller knows exactly when the property will sell
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Eliminates numerous and unscheduled showings
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One-day bidding replaces lengthy time consuming negotiations
