Why Would I Sell MY House With Auction?
You may ask "Why would I want to Auction my home
?"Here are some of the benefits to using Auction to sell your property.
Sell your property for current market value
Market value is defined as what qualified buyers are willing and able to pay for a property. When buyers are pitted against each other in an open bidding format it creates competition. Competition from qualified buyers will get you to the current market value.
Marketing
The auction method of marketing tells everyone looking in your market area that your property is going to be sold on a certain day at a certain time. Auction allows the seller to pick the day and time they want to sell. This creates the urgency needed to bring potential buyers to your property first. When buyers see an Auction sign in front of a house vs. a traditional for sale sign they know that they need to act quickly or loose the opportunity forever. The auction sign shows that the seller is committed to selling their property.
Auction Process
Sellers like to be in control of the sale of their property. The auction process allows the seller to pick the day the property will sell. There is no lock box on the property so they dont need to worry about unexpected showings. The seller and agent will pick the preview dates and times which are generally 2 hours in length 2 previous weeks leading up tothe final day of bidding. The final day will be open for 1 hour leading up to the end of the auction. The terms and conditions will be pre determined by the seller and agent with no contengencies for loan, repairs, termite nor changing their mind. Competition from bidders will determine market value and the seller can have confidence in knowing he had the most qualified buyers competing for his property through the registration process.
Seller Benefits of Auction
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1. Results: Absolute Auctions have a 99% closing rate.
2. Attains the Highest Price the Market Will Bear: Competition created among Online Auction Bidders drives Prices Up to Market Value.
3. Auctions are an Event: People Attend Both for the Entertainment Value and to Purchase Property
4. Seller Controls Sale: No Need to Wait Around for the Buyer, Seller sets the Day & Time of the Auction.
5. As-Is Where Is: Disclose and Sell Now
6. No Contingencies: Clear Title is Guaranteed.
7. Quick Closing: Escrow closed in 30 Days or Sooner. Carrying Costs such as mortgage, taxes, HOA fees, Etc. are Eliminated with a speedy sale.
8. Qualified & Committed Buyers: Buyers Must Register in order to Bid. Winning Bidder provides a non-refundable deposit/down payment.
9. Increased Market Exposure: Interest is peeked and urgency created with a unique & intense marketing campaign.
10. Property Preview (Open House): Fully staffed event occurs prior to day of Auction so there are no unscheduled showings of the property. (No Lock Box)
11. Easy Process: All terms and conditions of Auction are clear.
12. Set Apart from the Competition: Focus is drawn to your property with Auction. You stand out from other listings.
If these are things you are looking for to sell your home than Auction may be the answer for you.
There are different types of Auctions to choose from.
Absolute Auction which sells regardless of price to the highest bid.
Minimum Bid Auction which starts at a pre-determined price and goes up from there.
Reserve Auction which is undisclosed to the public and either confirmed or rejected by the seller once the highest bid is reached.
Contact a Auction Specialist to find out which Auction is right for you.
Why Would I Sell MY House With Auction?
By: Fred Macias