THE BASIC & BENEFITS
The sale of real estate at public auction in the United States has a rich history of success, spanning more than three centuries. Today, auctions are more a part of the American way of life than ever. Over $50 billion of real estate sold at auction each year includes virtually all categories of property, touching on every type of residence, business and trade. Auctions are an important sales tool and a positive step based on informed business decisions, as well exciting events where bidders can compete directly on equal terms.
- What is a Real Estate Auction?
- How will auction benefit me?
- Benefits to the Seller, Buyer and Real Estate Agent/Broker?
Q. What is a Real Estate Auction?
A. 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.
Q. How will auction benefit me?
A. The real estate auction is a win-win proposition for everyone involved.
BENEFITS TO THE SELLER:
- Buyers come prepared to buy
- Quick disposal reduces long -term carrying costs, including taxes & maintenance.
- Assurance that property will be sold at true market value.
- Exposes the property to a large number of pre-qualified prospects.
- Accelerates the sale
- Creates competition among buyers-Auction price can exceed the price of a negotiated sale.
- Requires potential buyers to pre-qualify for financing.
- The seller knows exactly when the property will sell.
- Eliminates numerous and unscheduled showings.
- Takes the seller out of the negotiation process
- Ensures an aggressive marketing program that increases interest and visibility.
BENEFITS TO THE BUYER:
- Smart investments are made as properties are usually purchased at fair market value through competitive bidding.
- The buyer knows the seller is committed to sell.
- In multi-property auctions the buyers sees many offerings in the same place at the same time.
- Buyers determine the purchase price.
- Auctions eliminate long negotiation periods
- Auctions reduce time to purchase property.
- Purchasing and closing dates are known.
- Buyers know they are competing fairly and on the same terms as all other buyers.
- Buyers receive comprehensive information on property via due diligence packet.
Howard & Associates Real Estate – Appraisals – Auctions
Complete Auction & Realty Services
Findley Lake, NY 14736
Peter S. Howard PA License #AU001993L – OH License # 57198435389
E Stephen Denny License #AU002467L
716-769-7300 / FAX: 716-769-7341
Associate Website: www.rjreimold.com