When you are ready to sell your real estate, it is essential that you choose your platform carefully. Your situation is unique to you, and you must not limit yourself by the methodology that others use to sell their properties.
The auction method has certain advantages that most people overlook, especially when considering the shortcomings of the traditional real estate process. Here we will take a look at some of the most relevant characteristics of an auction process so that you can make a fully informed decision about what method to employ for your own sale.
The Auction Process is Faster.
Quick sales work well within the auction process for many reasons. Most of the work at an auction is done before the actual event, meaning that when the auction takes place, people are ready to buy. In most cases, the entire process of exchanging property for money happens within a short month.
You May Be Able to Sell For More.
In most cases, you can get the higher end of the market price for your home. This is not something that you can always achieve in the traditional process. The immediacy of the buying process causes more bidding wars, because buyers feel a sense of urgency when they are looking each other in the face trying to win a property.
Properties in Hot Neighborhoods Do Better at Auction.
If your property is in a hot neighborhood, then you should definitely consider an auction instead of the traditional home selling process. Hot neighborhoods usually bring more interested parties, and you can play off of this interest by making people respond to the immediacy of the auction event. This is the case even if your property requires a great deal of maintenance in order to create a livable space.
Deals Are More Likely to Close.
Believe it or not, auctions bring higher quality buyers. Because of the extremely fast nature of an auction, the buyers come in with money, good credit and pre-approved offers. Banks only lend to people with a great track record if they know those people are going to an auction. Also, rescission fees keep out the window shoppers, so choose an auction house with a rescission fee that is exclusive for a natural vet of the buyers.
A successful sale at an auction means faster money and less hassle for you. Consider the tips above before you commit yourself to the traditional real estate selling process. You may actually find a better market for your property with the auction alternative.