Why Sell at Auction?
Property is sold in “As Is” condition for Cash at True Market Value, includes minimal seller involvement and no contract contingencies. The final bid price is set by the market and a properly promoted auction ill provide competition to insure Top Dollar Results.
Provides true market value by competitive bidding. The auction method of marketing creates a form of competition that cannot be duplicated by private treaty. Each bid reinforces the market value of the property. This affirmation of value encourages other participants to continue bidding. Within all of us is a tremendous need to win. In a traditional real estate sale the buyer satisfies this need by negotiating the seller down. In an auction the buyer can only win if he outbids all other bidders.
Time Efficient Sales Mechanism
Auction brings all interested parties into one place at the same time for a single purpose, to determine who will pay the most for the property. All interested parties are forced to make a “decision”. Getting an interested person to act is the most difficult thing for a private treaty broker to do.
Maximum Exposure of Property
Auctions can put more people across your door in two weeks than you could see throughout an entire listing period. By using local multiple listing systems and direct mail BUYER AGENTS will be informed, encouraged and compensated for their participation, therefore insuring all potential buyers can become involved in the auction process. A new market of prospective buyers becomes aware that the property is available and listing time is limited to the date of the auction.
Property sold “As Is”, no Contingencies
An attractive feature to Sellers is that auction contracts have no contingencies and closing dates are normally thirty to forty-five days following the auction. The property is sold in “As Is” condition with the buyer having full responsibility for any inspections. Financing conditions are very rarely part of a real estate auction, potential bidders must register before bidding and are screened by Auctioneer’s staff for their ability to meet contract requirements.
Biederman Real Estate Brokers and Auctioneers
Tom Biederman, Broker/Auctioneer
1710 Alexandria Dr., Lexington, KY 40504