Why would someone want to buy a house at auction? Or even sell their house at auction? What are the benefits? How do you find auctions? How do you know if auctions are right for you? If you are considering buying or selling a property through auction, here is some helpful information. The information below was found on Realtor, and should not be used in place of speaking to a professional. If you would like more information about Reliant Realty Auctioneers, please contact Tamela at: 931-237-1417.
Some benefits for selling at an auction are as follows:
Buyers who attend auctions are prepared to buy that day. They are serious bidders.
The seller knows that the house will be sold quickly, which will reduce any long-term costs (ex: taxes and maintenance)
The seller has assurance that the property will be sold at true market value.
The property will be exposed to a large number of pre-qualified buyers.
The sale process will be accelerated.
Auction prices can exceed a negotiated sale because there is competition among buyers.
The seller knows when the property will sell.
Eliminates the necessity to schedule showings.
The seller gets removed from the negotiation process.
Auctions will use an aggressive marketing program that will increase interest and visibility.
The Seller is not the only one benefiting from an auction. Buyers can benefit as well. Some of their benefits are as follows:
The buyer knows that the seller is committed to sell.
When there are multi-property auctions, the buyer can see different properties at the same time, in the same place.
Buyers determine the purchase price.
Auctions eliminate long negotiation periods.
Auctions also reduce the time necessary to purchase a property.
Purchasing and closing dates are known and not just an estimate.
Buyers receive comprehensive information on properties via due diligence packets.