Many situations occur that are tailor-made to get a real estate auction, but most, if not almost all, would fit under the category “time is of the essence. ”
Real estate A is sold, and on the strength of this particular sale, your client purchases Property or home B. Now sale A develops problems in escrow and the purchase cannot close. The client is now within a state of hysteria since their only hope of closing on Property B in 60 days will be by closing on Property The. What do you do? Auction Property A and arrange a sale date properly in advance of the closing date upon Property B, stipulating that part of the terms and conditions of the real estate auction is really a quick closing. This can only be accomplished with a real estate auction.
A type of situation which dictates the advantage of an actual estate auction is the high separation and divorce rate and the need to dispose of real estate quickly. Often neither party can pay for 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 negotiated marketing cannot guarantee a sale within a set, short time period. A real estate auction can.
Heirs to an estate that involves real estate are usually extremely motivated for a fast sale.
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Most states encourage a real estate auction as a method for generating the highest cost in the shortest period of time. Illness, or the need for immediate cash, or the inability of the owner to hold and maintain real estate is another reason you should recommend a genuine estate auction. Holding costs could be crippling. All too often, the carrying or even holding costs during a private discussed marketing effort won’t be recovered in a higher selling price. Instead the price is definitely reduced. Therefore , the sooner a property sells, the greater the bottom line dollars in wallet for the seller.
An exchange becoming held up waiting for a buyer on a single of the legs – auction this. The real estate auction can also work especially well in a “Bull Market”. Legislation 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 market will stay overbuilt.
The private discussed method and auction marketing method are different. A real estate auction can most generally guarantee a purchase within a short period of time, and the attention is directed to the property getting auctioned. Private negotiated marketing can’t 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 real estate profession are salespeople first and foremost. Take a look at forget for a moment the extravagant titles and diplomas we have gained during our years in the business. The bottom line of success in our profession continues to be determined by our ability as salesmen. We constantly look for sellers and we have more listings. Our next step would be to find the buyers.
A professionally handled real estate auction is a method of marketing and advertising that will find the buyers crawling from the woodwork, and it is this benefit that will enable you to gain additional sales simply by offering your clients the real estate auction marketing option.