In the world today, time is of the essence.  Selling property at auction is faster and more efficient than using a traditional real estate listing.  An auction also offers the seller many advantages when compared to a traditional real estate listing.  By using an auction, the seller sets the terms instead of the terms being set by the buyer.  Property sold at auction can be sold and closed within 60 days at a price that is competitive with a traditional real estate listing.

The table below offers advantages of selling your real estate at auction:
 

 

Real Estate Auction

 

Traditional Real Estate Listing

       
  The seller sets the date and time
for the sale of their property.
  The sale date cannot be predicted.  The buyer
usually sets the closing date.
       
  The property receives interest from many
buyers on a certain date and time.
  The property is "just another listing" to a realtor
who has many properties.
       
  Buyers bid competitively to purchase
your property, which drives up the price.
  Buyers trying to bargain can lower the price of
your property.
       
  When buyers attend the auction, they
have already decided to purchase your
property.
  Buyers are in most cases "just looking" and are in
the early phases of purchase.
       
  The auction encourages buyer interest
by creating a sense of urgency.
  A reduction in price is usually needed to create
a huge amount of interest.
       
  The property will be auctioned as-is,
with no warranties or contingencies. *
  The sale of property could be cancelled due to
contingencies. *
       
  No inspection is required by the seller
for the property being sold.
  An inspection is generally required and could delay
the sale of the property.
       
  The seller pays minimal closing costs
as required by law (preparation of the
deed, revenue stamps, and the seller's
portion of taxes).
  The buyer normally asks the seller to pay for all
closing costs, as well as repairs on the property.
 
       
  A closing date is set within 30 days of
the auction date.
  It can take months to close on property being sold
in a traditional listing.
 
 

* Using a traditional real estate listing allows the buyer to set all or most contingencies.  A contingency with financing permits the buyer to back out of the deal if their loan is not approved.  An inspection contingency requires that the property be inspected and allows the buyer to back out if the inspection is not satisfactory.  A contingent sale allows the buyer to back out of purchasing your property if the buyer's own property is not sold within a certain amount of time.  You can avoid these contingencies by selling your property using an auction.
 


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