Thank you for your question.
National Association of Realtors - REAL ESTATE AUCTIONS: THE BASICS & BENEFITS
Q. What is a Real Estate Auction?
A. A real estate auction is an innovative and effective method of
selling real estate. It is an intense, accelerated real estate
marketing process that involves the public sale of any property --
most certainly including those that are nondistressed -- through open
cry, competitive bidding.
Q. How will auction benefit me?
A. The real estate auction is a win-win proposition for everyone involved.
BENEFITS TO THE SELLER:
* Buyers come prepared to buy
* Quick disposal reduces long-term carrying costs, including taxes & maintenance
* Assurance that property will be sold at true market value
* Exposes the property to a large number of pre-qualified prospects
* Accelerates the sale
* Creates competition among buyers - auction price can exceed the
price of a negotiated sale
* Requires potential buyers to pre-qualify for financing
* The seller knows exactly when the property will sell
* Eliminates numerous and unscheduled showings
* Takes the seller out of the negotiation process
* Ensures an aggressive marketing program that increases interest and visibility
NPR - Auctions Win More Business in Real Estate Market
"Unlike a traditional real estate sale where the seller pays a real
estate agent a commission, at an auction its the buyer who pays a
For sellers the benefits of the auction are pretty obvious. But even
many buyers, despite the premium, say an auction is worth it because
it allows them to gain title quickly. All sales must close within 30
days. That can be an advantage in a hot housing markets like the
Pacific Auction Exchange, Auction Option LLC
The Auction Method accelerates the sale of your property by generating
additional consumer interest and activity. Non-contingent contracts
and thirty-day settlements are required of all buyers of auctioned
properties. This means a quick transaction for you.
The real estate auction process is well established, much like
auctions for fine art, antiques and collectibles, and it is growing in
popularity, because it works!
? Real estate auctions offer the seller another option
? Auctions create competition among buyers. Consequently, the auction
price can exceed the price of a negotiated sale.
? An auction generates excitement and heightens buyer interest.
? An auction creates the most exposure in the shortest period of time
and accelerates sales.
? Requires that potential buyers be registered and qualified with
certified funds on the day of the auction.
? Eliminates high seller carrying costs -- such as interest, taxes,
? Auction brings interested buyers to a point of decision -- they must
act now or lose an opportunity to purchase the property.
? Auction is a true market forum.
? A seller can plan and select the date they want to sell. They
control the sales process.
? A seller sets the terms and conditions of the sale while maintaining
control of the property throughout the auction.
? Auction eliminates numerous and unscheduled showings.
? Auction takes the seller out of the negotiation process.
? Auction is an aggressive, advanced marketing program that increases
potential interest in and awareness of a property.
? A Seller is able to obtain liquidity, free up capital and move on to
other investments or property decisions.
Frequently Asked Questions...
You'll find some 'general information' at this site
Shelter.org - Content applies to Scotland
home real estate auction benefits
sell my home at auction