A lot of situations occur that are tailor-made for a real estate auction, but most, if not just about all, would fit under the category “time is of the essence. ”
Home A is sold, and on the strength of this sale, your client purchases Property or home B. Now sale A develops problems in escrow and the selling cannot close. The client is now in a state of hysteria since his only hope of closing on Property B in 60 days will be by closing on Property The. What do you do? Auction Property A plus arrange a sale date nicely in advance of the closing date upon Property B, stipulating that section of the terms and conditions of the real estate auction is really a quick closing. This can only end up being accomplished with a real estate auction.
A kind of situation which dictates the advantage of a genuine estate auction is the high separation and divorce rate and the need to dispose of the real estate quickly. Often neither party are able to afford to hold a property that they previously owned because husband and wife.
When a partnership dissolves, the problem often demands an immediate sale of the assets, including the real estate. Private discussed marketing cannot guarantee a sale within a set, short time period. A genuine estate auction can.
Heirs for an estate that involves real estate are usually highly motivated for a fast sale. The majority of states encourage a real estate auction as a method for generating the highest cost in the shortest period of time. Illness, or maybe the need for immediate cash, or the incapability of the owner to hold and maintain real estate is another reason you should recommend a real estate auction. Holding costs could be crippling. All too often, the carrying or even holding costs during a private negotiated marketing effort won’t be recovered inside a higher selling price.
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Instead the price will be reduced. Therefore , the sooner a property markets, the greater the bottom line dollars in pocket for the seller.
An exchange getting held up waiting for a buyer on one of the legs – auction this. The real estate auction can also work especially well in a “Bull Market”. The law of supply and demand, in which the demand exceeds the supply, is definitely an ideal market to expose the real estate to competitive bidding to get the maximum return. The real estate auction is highly desirable in overbuilt or stagnant markets, exactly where no reading exists on how low prices will fall or how long the marketplace will stay overbuilt.
The private negotiated method and auction marketing method are different. A real estate auction may most generally guarantee a selling within a short period of time, and the attention is directed to the property becoming auctioned. Private negotiated marketing can not accomplish this.
Clearly, real estate auctions offer owners of all types of real estate benefits that are not available with private negotiated real estate firms.
All of us in the property profession are salespeople first and foremost. Let’s forget for a moment the elegant titles and diplomas we have earned during our years in the business. The bottom line of success in our profession is still determined by our ability as salesmen. We constantly look for sellers so we have more listings. Our next step would be to find the buyers.
A professionally maintained real estate auction is a method of marketing that will find the buyers crawling out from the woodwork, and it is this benefit that will enable you to gain additional sales by offering your clients the real estate auction marketing option.