Looking to Sell?
How do real estate auctions work?
How do real estate auctions work?
Simply put:
Customized Guerilla Marketing Boosts Property Exposure, Bidder Competition and Prices
The long version:
The process is totally opposite from traditional private treaty sales. Real estate auctions allow sellers to set a timeline for sale, set the terms of property transfer and require all qualification and due diligence in advance. Most importantly, auctions result in non-contingent contracts accompanied by non-refundable deposits. Once a Bidder has committed to Purchase, the majority do.
Real estate auctions provide sellers of every type of property an intelligent solution to producing the attention of qualified purchasers and no-hassle settlements. Within 90 days from engaging with a professional Auctioneer, real estate holders may walk out of the closing company with check in hand, or perhaps just confirm receipt of wire.
Thinking of selling? Know your options. Looking for help finding properties?
Get a seasoned business and agriculture professional.
Call Roger M Hunker, Auctioneer/ Realtor 419-217-2828
Is selling using a real estate auction right for you?
Read below for a comparison of auctions and the private sales method.
Auction Method vs Private Sale
- Auctions encourage buyer interest and competitive participation -vs- Price reductions are used to stimulate buyer interest and activity
- Potential price has no limit and determined by market value -vs- Price is usually set as low as possible and then negotiated down
- Use cutting-edge techniques to blast exposure -vs- Little to no advertising other than a sign and the multiple listing services
- Highlights one or just a few non-competing properties -vs- Advertising is diluted with inventory of like kind
- Buyers are pushed to action -vs- Negligible incentive for buyers to act
- Auctions conducted in 45 to 60 days (or less) -vs- No set date to produce contracts
- Reduced carrying costs -vs- Carrying costs may last for a prolonged period
- Terms and rules of sale set by Seller -vs- All terms are up for negotiation
- Contract has no contingencies other than delivery of a clear title -vs- Contract may be contingent upon financing, inspection, or any number of items
Thinking of selling? Know your options. Looking for help finding properties?
Get a seasoned business and agriculture professional
Call Roger M Hunker, Auctioneer/ Realtor 419-217-2828