Why Selling Your House at Auction is Better than a Traditional Listing...

[Bryant Tutas]

A Real Estate Auction is one of several choices available to sellers and it offers many advantages to property owners who want to maintain control of the selling process.

Whether you are just beginning to consider selling or you’ve already tried multiple methods, you are wise to explore the auction option. The best way to see if an auction is right for you and your property is to talk with us. We’ll consult with you regarding the real estate auction process and provide a pricing recommendation for your property. Contact us today to so we can talk about if an auction is right for you!The table below offers advantages of selling your real estate at auction:

Real Estate Auction	Traditional Real Estate Listing
The seller sets the date and time for the sale of their property.	The sale date cannot be predicted.  The buyer usually sets the closing date.
The property receives interest from many buyers on a certain date and time.	The property is “just another listing” to a realtor who has many properties.
Buyers bid competitively to purchase your property, which drives up the price.	Buyers trying to bargain can lower the price of your property.
When buyers attend the auction, they have already decided to purchase your property.	Buyers are in most cases “just looking” and are in the early phases of purchase.
The auction encourages buyer interest by creating a sense of urgency.	A reduction in price is usually needed to create a huge amount of interest.
The property will be auctioned as-is with no warranties or contingencies. *	The sale of property could be cancelled due to contingencies. *
No inspection is required by the seller for the property being sold.	An inspection is generally required and could delay the sale of the property.
The seller pays minimal closing costs as required by law (preparation of the deed, revenue stamps, and the seller’s portion of taxes).	The buyer normally asks the seller to pay for all closing costs, as well as repairs on the property.
A closing date is set within 30 days of the auction date.	It can take months to close on property being sold in a traditional listing.

* Using a traditional real estate listing allows the buyer to set all or most contingencies.  A contingency with financing permits the buyer to back out of the deal if their loan is not approved.  An inspection contingency requires that the property be inspected and allows the buyer to back out if the inspection is not satisfactory.  A contingent sale allows the buyer to back out of purchasing your property if the buyer’s own property is not sold within a certain amount of time.  You can avoid these contingencies by selling your property using an auction.