Today’s real estate marketplace demands creative thinking when buying and selling homes. One potential avenue worthy of consideration is the real estate auction.
Contrary to popular belief, the majority of auctions today don’t result from a foreclosure or distress situation, but rather are the result of the seller choosing a cost effective and accelerated method to move property.
At auction, a home can be sold within 30 days. The process allows the seller to eliminate virtually all long-term carrying costs and bypass the savings directly to the purchaser through a reduced price.
Across the country, real estate professionals are turning to the auction as a winning market tool. According to the Wall Street Journal, auctions provide a quick exit for people who might wait months or years for a buyer to come along.
Some of the benefits for selling a property at auction include: buyers come prepared to buy, assurance the property will be sold at market value, and it eliminates financing and inspection contingencies. Additionally, this process eliminates negotiating, unscheduled showings of your home all while accelerating the sale.
Benefits are not exclusive to the seller either. Buyers enter an auction knowing that the seller is ready to move the property, the confidence to personally determine the purchase price, and a reduction in the time it would normally take to complete the purchase process.
Smart investments are made as properties are purchased at market value through competitive bidding.