Real Estate Auction Sellers
“A real estate auction is an innovative and effective method of selling real estate. It is an intense, accelerated real estate marketing process that involves the public sale of any property—most certainly including those that are nondistressed—through open cry, competitive bidding.” The National Association of Realtors®
Real Estate Auctions are nothing new. They have been around for hundreds of years. But with the application of new technologies, they are being utilized more and more. Real Estate Auctions put the Seller in control of transaction details. The Seller sets the terms of the Contract for Sale and Purchase, typically with few or no contingencies. The only thing to be negotiated on auction day is the price. A seller can also set a reasonable reserve. A reserve is a minimum acceptable price at which the property can be sold.
Advantages of an AARON JOSEPH Real Estate Auction:
- Through the use of a Buyer’s Premium, the commission is paid by the Buyer – THE SELLER PAYS NO COMMISSION.
- Accelerated Sale – This reduces the costs associated with holding a property such as: maintenance, insurance, mortgage payments, and taxes.
- Buyers are ready to buy – The property is exposed to a large number of pre-qualified potential buyers.
- Sales are not contingent upon financing. Buyers must be pre-approved by their financial institution prior to bidding.
- Competitive Bidding – Buyers must compete with each other to purchase the property, assuring that the property will be sold at true market value. Auction prices can exceed the price of a negotiated sale.
- The seller can set a reserve price.
- The seller knows exactly when they will receive an offer for their property, and when the sale should close.
- Eliminates having to be prepared at all times for numerous repeated or unscheduled showings.
- The seller establishes the terms of Contract for Sale and Purchase – Typically there are no contingencies. The only negotiation is the sales price.
- Prices go up, not down.
- The seller selects the marketing plan best suited for their situation, ensuring an aggressive marketing program that increases interest and visibility.
- Typically includes the use of the latest technology and online marketing or online bidding.
- Properties are typically sold “As-Is” – Buyer inspections are completed prior to bidding. Typically, sales are not contingent upon inspections.
- The buyer typically pays the closing costs.
There are also sales techniques, such as: High Bidder’s Choice, and Multi-Par, which can only be accomplished through the auction method of selling Real Estate.
Check out: Are auctions a good way to sell Real Estate? to see if a Real Estate Auction might be right for you and your property. Or contact us today for a no-cost, no-obligation consultation