RealEstateAuctions.com believes that selecting the right type of auction for each property is the key to realizing the most potential and minimizing risk.
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Benefits |
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| Absolute | Absolute auctions generate the highest prices. Period! Competitive bidding typically causes prices to escalate during the auction, always surpassing the price of a traditional, negotiated sale.* A quick sale at auction removes properties from the books as soon as possible, reducing the carrying costs for the bank or the developer. Aggressively marketed, organized events draw excitement and serious buyers because they know the highest bid wins the property, regardless of price. An Absolute Auction means the deal is guaranteed to be accepted. |
More money for the seller. |
| Min. Bid | Minimum bid protects banks and developers from having to accept a price they consider too low. Sellers set the minimum acceptable price, and the bidding starts from there. The minimum bid is publicized before the auction so all bidders know the status and come ready to buy. A strategic, low minimum bid set-point encourages bidders to raise their offers because they are confident in making a deal. |
Best used when seller has enough equity in property to allow bidding to start at 50 percent of market rate, and still make profit. |
| Reserve | Gives the seller the right to reject the highest bid if it is not high enough. Protects sellers from unacceptable losses but still provides a method for the non-performing property to be sold if the price is right. Allows the bank or developer to counter the top bid, so the property still could sell for an acceptable price to all parties. |
Best used when there is moderate equity in the property, able to counter if winning bid unacceptable.. |
*For homes, apartment buildings, shopping centers and office properties
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