#1. The Auction method is just another professional way to successfully market Real Estate.
#2. To settle Estates (Executor or Administrator) and Trustee (Deed in Trust) properties. The Auction method can help minimize stress of settling Estates, while achieving this goal in a timely manner.
#3. To help when immediate relocation is required. (Job transfer, etc.)
#4. Seller can choose the specific day the property sells. (Auction day, property goes into contract.)
#5. Auction sales create quick cash, typically closed within 30 days of Auction day.
#6. Auctions eliminate extended negotiations.
#7. To obtain cash buyers without contingencies. Not contingent on financing, sale of existing property, etc. (Property sold as-is)
#8. Auctions give the opportunity to obtain a higher selling price. (Traditional means of pricing real estate establishes a ceiling price, then in many cases the price is negotiated downward.)
#9. Auctions allow you to accelerate the sale and eliminate the monthly costs of maintaining and owning this particular property, which is for sale.
#10. Maximum exposure is created through intensified marketing programs. Predetermined marketing budget is used for said property. (Marketing time is typically 4 to 8 weeks prior to sale day.)
#11. Competitive bidding at Auction encourages all potential buyers to maximize their offer.
#12. Planned inspections times. (Minimizes the amount of last minute showing times, requested by potential buyers.)
#13. The Auction method allows a buyer to appreciate the property first, then a potential purchase price can be determined. (In many cases buyers when quoted a price will prejudge a property before they view, inspect or assess the benefits of that particular property.)
#14. Selling at Auction could become the way of choice. There has been a recent growth of Real Estate being sold at Auction, with nearly 1/3 of all closings being accomplished the "Auction Way".
#15. The Auction method can give the Seller control of the selling price, while obtaining true market value. Sellers can choose from 3 Auction formats.
A. Reserve Auction (Owner confirmation) - An Auction where the seller or their agent reserves the right to accept or decline any all bids. A minimum acceptable price may or may not be disclosed.
B. Minimum Bid Auction - An Auction where the property sells at or above the published minimum price.
C. Absolute Auction - An Auction where the property is sold without limiting conditions and regardless of price.