If you are in the market to sell real estate and convert your assets into cash, now is the time to consider a real estate auction. Today more than ever, sellers are choosing the auction method to sell their real estate. Auctions can attract large groups of buyers. We at Mid-State take pride in the fact that we are capable and able to place more potential buyers on your property in one day at one time than most real estate agents can get on your property in six months.
Don't hesitate, consider the auction method of selling your real estate, you have the opportunity to say what day you will sell your property, what day you would want to settle and potential to sell and pay no commission.
Auction properties are offered AS IS, and AS EXISTING. There are no contingencies and there is no limit to the dollar volume an auction can generate.
THE ADVANTAGES OF AUCTIONING REAL ESTATE
When your property is "priced" it opens the risk of underpricing or overpricing and you will lose either way. If the price is set too low the property sells quickly but equity is lost. The first bargain hunter that comes along finds a "steal" perhaps making the profit that should have been yours. Likewise, if the price is too high, the property does not sell. It then has to be advertised again at a lower price or negotiated through haggling with one potential buyer at a time. Unless sold quickly and efficiently, real estate can become an expensive liability (taxes, maintenance, insurance, etc.). In addition, the process of hosting repeated showings and open houses can be disruptive and frustrating if a serious buyer does not come forth.
Auctions create a sense of urgency and produce fair market value. Simply put, when a group of serious buyers are brought together to compete, it drives the price upward. The competitive atmosphere then generates its own "buzz" which leads to even more spirited bidding. As a result, auction is the only method of marketing that offers you the potential to receive more money for your property than you would have asked if pricing it outright. Typically, you the client, determine what type of real estate auction fits your unique situation. In our years of experience we have found the four most popular methods to be "with reserve", "subject to confirmation", "absolute" or "stated minimum". Whichever method is implemented, each potential buyer will be required to meet a specific set of criteria prior to the sale, including but not limited to signing a terms and conditions agreement pertaining to the sale, as well as, submitting a bank check, guaranteed fund or cash for their initial down payment. No one can participate unless they are properly registered. Furthermore, after the property sells the successful bidder will sign a Bid Acknowledgement Form and a Contingency Free Purchase & Sale Agreement, then provide a second down payment representing from 10-15% of the purchase price. The bidder will agree to settle in 30-45 days and that "Time is of the essence".