Auction can offer definite advantages to a seller and buyer. Here is how auctiontioning your property compares to the conventional sale method. Here is a list of how auctioning your property is different from the traditional or conventional selling method. Are you moving? Are you ready to change your life style? Auction works especially well for you if you wish to sell rather now than later.
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Auction |
Traditional |
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Focus is on your property alone. |
Your property one of many being advertised and shown. |
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Results in offers in 60-90 days or less. |
May remain on market for months or years. |
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Extensive advertising featuring your property exclusively. |
Minimal advertising: specifically on your property. |
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Buyers act on your schedule. |
Little motivation for buyers; you wait for them. |
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Auction provides catalyst to promote buyer interest. |
Price reduction encouraged to create buyer interest in activity. |
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Realizes the property 's true market value. No limit on upside potential. |
Upside potential limited by asking price. |
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Eliminates guesswork in determining the asking price of property. |
Seller risks overpricing, and thus seeing little interest, or under pricing and selling for less than the property is worth. |
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All conditions of sale set in advance, thus eliminating negotiations. |
Seller must negotiate all aspects of sale. |
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Property sold without contingencies. |
Contingencies are common. |
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All offers are presented to the seller before and during the auction. |
Few offers are received, multiple offers, at one time are rare. |