Auction is the very best method of leveraging the traditional real estate market in your favor and maximizing exposure and price, while minimizing time and carrying costs of vacant, or unique, estate, or overbuilt properties in a softening market place.
In auction is an event where bidders can observe the open competition and act in their interest in the marketplace. Sellers have the opportunity to obtain not only a willing buyer, but the best of all willing buyers. The auction method typically produces an offer within 30- 45 days from signing the auction listing contract that will represent the best price the market will offer.
Types of Auctions
•· Absolute Auction:
An auction where the property is sold to the highest qualified bidder. The seller may not bid personally or through an agent.
•· Reserve Auction:
An auction in which the seller reserves the right to establish a reserve price, to accept or decline any and all bids or to withdraw the property at any time prior to the announcement of the completion of the sale by the auctioneer.
•· Minimum-Bid Auction:
An auction in which the auctioneer will accept bids at or above a disclosed price. The minimum price is always stated in the brochure and advertisements and is announced at the auctions.
•· Sealed-Bid Auction:
A method of sale utilized where confidential bids are submitted to be opened at a predetermined place and time.
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