You are ready to buy a home! How exciting is that! An auction may be a great way to get your price and reduce the time and red tape of a traditional home purchase. Can you imagine moving into your new home in as little as 30 days? It can happen and we are going to give you all the information you will need to be an expert no matter if you are a buyer, seller or real estate agent.
First of all, what is a real estate auction? To be successful in real estate you must be innovative and ahead of the curve. Auctions can be that innovative way for a real estate company, buyers or sellers to effectively sell or purchase properties. To put it simply, auctions are an intense, accelerated real estate marketing process that involves selling any type of property including non-distressed properties.
What are some of the benefits for an auction? As a seller you know that bidders have come to buy and by the end of the day you can rest assured your property is sold. Potential buyers must pre-qualify for financing prior to the auction and with a quick sale it greatly reduces your long term carrying costs, including taxes and maintenance. When the property is sold you know that you received true market value by creating competition among buyers who were truly interested in buying your property.
As a buyer there are also many benefits to buying at an auction. Buyers know the seller is committed to selling eliminating long negotiating periods and know they are competing fairly and on the same terms as all other interested buyers. You know when buying at an auction you are buying at fair market value through the competitive bidding process. One of the most valuable benefits to buying property at an auction is you know then and there when you will be closing and taking possession of the property, many times in as little as 30 days.
Many people don’t think about the benefits for real estate agents in auctions. For agents it offers their clients and customers alternative options to sell or buy property. It also guarantees the property will be sold a t market value and in a relatively short period of time.
Auctions have been around a long time because they are an effective and efficient way to sell real estate and meet the needs of the public. Auctions are entertaining and most people who have attended an auction often come back again and again. If you haven’t yet attended an auction, try it.