1. Defined time to sell the property
With a determined Auction date, we know precisely what date your property will sell. The Auction date creates a sense of urgency with potential buyers and the auction process will put your property in the spotlight for all to see. The seller is in control of the timing, thus controlling the financial impact of carrying costs.
2. Get top dollar for your property
The auction method can capture the momentum of the market as buyers pay premium prices. This upward momentum not only assures top dollar for the Sellers property, but also attracts a vast number of potential buyers for your property. All taxes, insurance, interest and other costs have been eliminated and the property has topped the market in value.
Auctions work best when bidders are allowed to make their own decisions regarding a property’s worth. If, after the competitive bidding process of the auction, the final outcome should fall short of the seller’s predetermined expectations, the seller still has the advantage of accepting the offer. Again, the seller remains in control of the marketing process.
3. Precise Marketing Strategy
The marketing strategy for the sale of real estate property at auction is more customized to locating potential buyers. The auction method is an accelerated marketing campaign that usually requires an up-front investment from the seller. This targeted and customized approach is designed to build value and create interest in the property. The marketing fees should be considered an investment rather than an expense. This marketing campaign becomes the driving force for a successful Auction.
4. Competitive Bidding
In the auction process, the price of the property is negotiated upward through the competitive bidding of interested buyers. The current market value of the property is what a buyer is willing to pay at the time of sale. Auctions establish this value and eliminate guesswork in determining the asking price through negotiating multiple offers one at a time.
5. Limit Seller Liability
When property is sold using the auction method, there are usually no contingencies. The property is generally sold “As-Is, Where-Is” with no warranties other than title. The sale of the property is not subject to financing or repairs. This limits the liability and further financial obligations by the seller. Auction terms and conditions are set by the seller prior to the auction.