8 Things You Might Not Know About Auctions

Auctioning properties can be an effective sales method for distressed properties, and now non-distressed and luxury properties are following the trend. Auctions offer the following advantages, making them a win-win for buyers and sellers alike:

1. Move it Fast! Once the time and place of the auction is set, interested buyers are gathered all at once in either a live or online venue. A typical live event can be completed from beginning to end in about 1-4 hours, making auctions a quick and effective method of selling a home.

2. Motivated Sellers. Selling a property at auction eliminates long term carrying costs for the seller such as property taxes, continued mortgage payments, insurance, and maintenance costs.

3. Predetermined Sale Date. An auction date is set for the property so all parties have a clear timeframe to work with.

4. Luxury Sells. It’s a common myth that auction homes are either foreclosures and/or dilapidated properties. Luxury properties can generate serious interest and top dollar from bidders.

5. Eliminate Price Negotiation. The time and energy spent on offers, counter-offers and counter-counter-offers on price is absent from the auction process. Can you remember the last time you bought or sold a home without discussion or debate over price?

6. Bring on the Competition. Auctions create a sense of urgency and excitement, stimulating buyers to seize the moment and take action or the opportunity will be lost. Competitive bidding can serve as instant confirmation of value by fellow bidders, driving the sale price to true market value.

7. See Homes in Person. Up to 3 open house events are offered prior to most auctions, so buyers can tour the home in person prior to bidding.

8. Banks are Motivated. With an abundance of foreclosures on the market, many houses are being placed on the auction block that may be acquired at significantly lower prices than through traditional real estate transactions.

Deborah Bremner
The Bremner Group at Coldwell Banker
REALTOR, 00588885,
(O) 310-571-1364 DIRECT
(D) (310) 800-2954
Accredited Buyer Representative | Certified Distressed Property Expert | Pre-Foreclosure Specialist Certified

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