Why Sellers Love Auctions – Auctions beget Action
Property not getting the attention it deserves? Tired of waiting around for a Buyer? Not interested in another price reduction? The word “auction” has its origin from the Latin augere, “to increase.” The auction method of sales utilizes competitive bidding rather than setting a price ceiling, which often invites haggling. Auctions are simple and straight-forward. A date of sale is determined by the seller and auctioneer as well as the terms. Buyers perform inspections and due diligence in advance and sign non-contingent contracts, backed by non-refundable deposits. Closings and property transfer usually occurs within 30 days, at which point the seller recaptures capital from an asset and is free to move on to other business.
Real estate auctions have a history dating back to 500 BC. More recently, auctions have grown in popularity across the country, becoming recognized as a smart choice for marketing and selling real property. Below is a list of advantages real estate auctions offer sellers