If somebody didn’t make an offer on a property when it was offered through a traditional listing, why would he or she bid at auction?
The most common reason is that they never knew about the property before. The compressed time period for promoting an auction allows us to bring the property to the attention of far more people than would be possible in an open-ended campaign. Another common reason is that the property may have had an unrealistically high asking price. When an asking price is out of line with the true market value of a property, many buyers feel that there is no point in making a lower offer. With an auction, there is no asking price, so we don’t have that problem. In many cases there is simply no urgency on behalf of buyers until they see the auction sign…now they feel they must move, or risk losing the opportunity to buy.
What is an auction advertising that says "estate auction" mean?
The word “estate” in an auction advertisement means that the owner of the property has passed away.
Why should I sell my property using the auction method?
The auction method accelerates the sale of your property by generating additional consumer interest and activity. Non-contingent contracts and projected thirty day settlements are required of all buyers of auctioned properties. This means a quick transaction for you.
Where will the auction be held?
Most auctions are held on-site. By being on-site, bidders are constantly reminded of all the positives associated with that particular property. This, in turn, might encourage a higher bid.
If I put my property up for auction, do I have the right to refuse the bid?
In a “reserve” auction you have the right to refuse any bid which is less than the agreed minimum bid. The “absolute” method of auction usually generates the most money and more buyers, which creates very competitive bidding. However, when offered at “Absolute” auction, the property changes ownership.