As Is, Where It Is, and In Its Present Condition – Selling at Auction
The length of time a house sits on the market can vary greatly depending on the location, the schools, the quality of the house/property and so on. Can we agree that the conventional way of selling a home can be a drawn-out and painstaking process? A SOLD property means a big exhale of relief.
With a slower market, the real-estate auction business is all the rage! Contrary to prevailing sentiment, auctions prove to be a viable option and profitable method when it comes to selling a property. Property owners, banks and lawyers have been won over by the real-estate auction. It’s no surprise that the auction method has swept us off our feet – check out these leg-ups:
- Quicker sale of real estate.
- Eliminates high carrying cost for long periods of time (taxes, insurance, maintenance).
- Attracts the attention of buyers who compete for purchase.
- Has pre-qualified buyers as real prospects.
- Convenience of a complete package for the real estate and the personal property.
What’s unfortunate is the stigma of distress that’s associated with auctions. It’s just not the case. About 11 percent of the time, auctioned homes sell for more than what the seller had previously listed the home for in a conventional sale, says G.T. Bynum, marketing director for Williams & Williams, one of the nation’s largest auction companies with operations in all 50 states.
Some solid, no-bull facts about real-estate auctions:
- Real estate auctions have a high exposure marketing approach.
- There’s no competition when it comes to the element of timing. Auctions avoid drawn-out negotiations and unnecessary contingencies because terms and conditions are preset by the seller.
- Healthy competition. Auctions encourage multiple buyers to compete to purchase your property. This creates excitement and motivation and competitive bidding often draws prices higher than the seller’s expectations. Absolute auctions are when the highest bidder gets the property no matter what – a real lip-biter that heightens the drama and brings in even better prices.
- Better buyer candidates. Buyers are prequalified and serious about buying. They are also highly educated because they’ve received comprehensive information on the property.
Auctions are simply less aggravating and people can have confidence that the property is selling for what buyers think it’s worth, like it or not.
Sometimes Brokers turn to Accelerated Real Estate Marketing and the auction method of sale, in order to gain expert help with unusual or difficult-to-sell properties. Other times Brokers with time motivated clients partner with us when they need to get the deal done within 30 days. The real-estate auction is the sweet siren song for sellers looking for immediacy, efficiency and effectiveness.