Watch a recent Duggan Group Live video on Auctions!
According to experts at the NATIONAL ASSOCIATION OF REALTORS, real estate
auctions are an innovate and effective marketing tool which can be profitable to
buyers and sellers.
Until recently, real estate auctions, unlike art and antique auctions, have
experienced unfounded negative images in the marketplace. The majority of
auctions today don't result in foreclosure or distress situations, but rather
are the result of a seller choosing a cost-effective, accelerated method to sell
a property. Auction allows the seller to eliminate virtually all long-term
carrying costs, passing the savings directly to the purchaser in the form of a
reduced price.
Auction can be the most effective way to accelerate property sale and establish
a property's true market value. Auction is truly a win-win situation: sellers
obtain immediate cash and buyers purchase properties at fair market value, the
price determined by open, competitive bidding.
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AUCTION ADVANTAGES |
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| Buyer's Benefits |
Seller's Benefits |
- Purchase property at fair market value
- Buyers set their own purchase price
- Buyers can receive favorable financing
- Inspections and disclosures occur before the bidding
- Eliminate sometimes long negotiating periods
- Reduce time to purchase property
- Do not have to worry about contingencies because purchasing and closing
dates are known
- Feel better about a purchase knowing there is a contending bid just one
increment under purchase price
- Buyers know property owners are motivated to sell
- Buyers know property owners sell at lowest price possible
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- Offers the seller another selling option
- Exposes the property to a large number of preapproved buyers
- Accelerates sales - the property can sometimes be sold within 6 weeks of
listing
- Eliminates high seller carrying costs - such as interest, taxes, maintenance
- A seller knows exactly when the property will sell
- A seller sets the terms and condition of the sale, maintains control of the
property throughout the auction (depending on auction type)
- Auction eliminates numerous and unscheduled showings
- Seller is able to obtain liquidity
- Seller is able to move on to other investments and free up capital
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