Real Estate Auctions
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Real Estate Auctions have gained credibility and popularity among the general public over the past few years. The National Association of Realtors believes real estate auctions are an innovative marketing tool which can benefit buyers and sellers in good times and bad and, under the right circumstances, they are a viable alternative to conventional marketing programs. Auctions can accelerate a property sale and maximize a property's selling price. Auctions are another means in which to bring buyers and sellers together.
WHY SELL AT AUCTION??? - REASON #1: It's a Quick Sale
- An auction affords property owners the opportunity to dispose now at today's prices, rather than tomorrow's prices. Properties can often be sold within six weeks of listing.
- REASON #2: High Carrying Costs are Avoided
- All property incurs costs during private negotiating marketing period- dept service, real estate taxes, insurance payments, maintenance and sometimes security. All too often, the carrying or holding costs of real estate during a private negotiated marketing program won't be recovered in a higher selling price. In effect, the sooner the property sells, the greater the dollars in pocket for the seller.
- REASON #3: Value can Be Demonstrated And Market Prices Found
- Instead of relying on the appraiser to assign an asking price, the auction process demonstrates the value of the property to sellers and potential buyers. The selling price is truly market driven.
- REASON #4: Auctions Draw Attention
- Marketing exposure for real estate auctions is enormous! Advertising budgets for real estate auctions range from as little as $1,500 for a single family dwelling to hundreds of thousands of dollars for major multi property auctions that may be advertised nationally or even internationally.
- REASON #5: Auctions Freeze The Market
- The practical is obvious: Most current buyers in the marketplace will be motivated to at least investigate the property being auctioned. The market is frozen. The opportunity to make what may be a good buy forces buyers to at least wait until the auction is held.
- REASON #6: An Urgency To Buy Is Created
- A seller knows exactly when property will sell (when using an absolute auction). Buyers know if they don't buy today, the property won't be available tomorrow.
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