There is a "new" way to sell real estate - Auctions. Ok, it is not really new - auctions have been around since the beginning of human civilization. Auctions are documented over the centuries - in empires, tribes, continents and villages throughout history. Additionally, people have been selling real estate through auctions for years. However, there is a huge misconception about auctions. People tend to think about real estate auctions as if this were a method of last resort. However, in 2008 over $58,000,000,000 in Real Estate was sold at auction in the United States!
Some of the real estate sold at auctions is land, some real estate falls under the term "distressed properties" or properties owned by banks or in pre-foreclosure. However, about 25% of the real estate sold at auctions are traditional single-family homes and condos.
Why sell your home at an auction? Auctions have been around since the beginning of time because they are a highly efficient and effective business tool and they meet the needs of the public.
Auctions allow you to:
• Sell your real estate property in a timely manner (approximately 90 days);
• Obtain the highest & best market value (property is bid up to the true market value; property has a "reserve" bid that the seller sets;
• Incur less daily disruption (fewer Open Houses; less need for on-demand showings); and,
• Incur less expense as the seller (4.5% average seller cost vs. 6%).
For more information on how to sell your home, condo, or land at an auction, please feel free to email me @ marshamcmahonjones@cbbain.com .
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