Benefits and Risks of Real Estate Auctions
by Qarah Ict Qarah ICTMany people have discovered that the traditional realtor
firm isn't the only way to sell Land. Real estate auctions are
increasingly popular among people who buy and sell properties. As an
alternative to the traditional marketplace, the benefits of selling via auction
are undeniable during the bidder qualification period. If you haven't
considered the auction route, you should keep the following benefits and risks
associated with the auction process in mind. You may find that it suits your
property-selling goals.
Benefits of Real Estate Auctions
One of the significant reasons sellers seek the auction
format is because it often allows them to dictate terms and conditions and a
deadline. Selling for cash also allows sellers to move forward with their plans
immediately after the sale. Since roughly 90% of auction sales close, there is
every possibility that the deal transaction will close without a
hitch--particularly with pre-approved buyers in attendance at the auction.
When it comes to complicated properties, many auction houses
recommend using 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
expected. This is usually because buyers come prepared with a cap and may bid
until they reach it.
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 other interested parties will bid up the price. Also, sometimes
bidders do not have the opportunity to have home inspections. Buying a home
without a check is risky for the buyer, so the more inspection information you
can present, the better. It's essential to weigh these considerations
carefully. What is the minimum acceptable bid, or can the property be given to
the highest bidder? These questions must be mulled over in advance.
Sellers who sell at auction have to rely on marketing. While
an excellent auction firm often has a regular clientele, some may not do all
they can to market your auction. You may want to promote your upcoming sale
online or at other venues to attract potential buyers.
Work with a Reputable Auction 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 when they will sell their house.
Working with a trusted auction firm with experience in real estate is essential
for sellers who may be new to the action process.
These are a few pros and cons of selling a property at
auction. Before you decide, talk to an auction house like Columbus
Elite Auctioneers that can answer your specific questions and
address all your needs.
Columbus
Elite Auctioneers offer sellers a unique and effective way to
sell their properties. Our real estate auctions are listed on the local MLS and
benefit from maximum exposure through our partnership with REMAX Premier
Choice.
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Created on Mar 16th 2023 02:01. Viewed 102 times.