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Traditional real estate auctions by realtor firms
As many people have discovered, the traditional realtor firm isn’t the only way to sell a property. Real estate auctions are increasingly popular among people who buy and sell properties. As an alternative to the traditional marketplace. If you haven’t considered the auctions route, you should keep the following benefits and risks associated with the auctions process in mind. You may find that it suits your property-selling goals.
Benefits of Real Estate Auctions
One o the major reasons sellers seek the auctions format is because it often allows them to dictate terms and conditions as well as a deadline. Selling for cash also allows sellers to move forward with their plans without delay once the sale is made. Since roughly 90% of auctions sales close, there is every possibility that the deal transaction will close without a hitch-particularly with pre-approved buyers in attendance at the auctions.
When it comes to complicated properties, many auction houses actually recommended the use of brokers. This provides sellers with the best of both worlds, the auction format coupled with the selling expertise of the realtors.
Often sellers obtain great prices for properties they sell at auction more than they expected. This is usually because buyers come prepared with a cap and may bid until they reach that cap.
Risks of Real Estate Auctions
While selling properties at auction often results in a great deal, it doesn’t always. There isn’t any guarantee that the price will be bid up by other interested parties. Also, sometimes bidders do not have the opportunity to have home inspections.
Buying a home without an inspection is risky for the buyer, so the more inspection information you can present the better. Property sellers “have dozens of decisions and choices on both advisor sale terms and many auctions formats. It’s important to weigh these considerations carefully. What is the minimum acceptable bid or can the simply be let go to the highest bidder? These questions must be mulled over in advance.
Sellers who sell at auctions have to rely on marketing. While a great auction firm often has a regular clientele, some may not do all they can to market your auctions. You may want to promote your upcoming sale online or at other venues in order to attract potential buyers to your sale.
Work with a Reputable Auctions Firm
When you attend auctions hosted by reliable and respected auction houses, you’ll feel more comfortable about the process and may even find that some risks are mitigated. Many sellers find the auction route liberating. They can plan accordingly because they know what day they are selling their house. Working with a trusted auctions firm with experience in real estate auctions is essential for sellers who may be new to the auction process.
These are a few of the pros and cons associated with selling a property at auctions. Before you make your decision, talk to an auction house that can answer your specific questions and address all your needs. Real estate auctions are for the advanced.