There are times when real estate is an unwanted burden-for the homeowner, investor, developer, lender, state and municipalities, or any kind of owner. Liquidating unwanted real estate means no more interest payments, property taxes, insurance, and maintenance costs. In many cases, additional repairs and updates needed for a property to sell in the conventional manner could be too costly with appraisal and lender requirements. In such situations, the real estate auction offers an attractive alternative to sellers for a variety of reasons.

AUCTIONS BRING QUICK SALES An auction is a catalyst for motivating hesitant buyers into action. A typical marketing period of 30 to 45 day for the auction brings the property to the attention of all potential buyers, telling them the exact day and time of the sale. Closing is typically within two to four weeks after the auction, HOWEVER, this time frame can be adjusted to the benefit of the seller.

AUCTIONS ESTABLISH VALUE Auctions have the potential to generate higher prices than conventional sales in both individual and bulk sales settings. In weak markets, the auction creates the market and maximizes prices by creating buyer confidence in the property. In strong markets, it establishes new highs by taking advantage on the existing high demand and getting every dollar the market will bear.

AUCTIONS SAVE SELLER COSTS In the conventional marketing of real estate, the seller is often asked to pay costs for the buyer. Also, appraisal and lender requirements make the sales contract contingent. Also, some buyers have financing problems at the last minute causing the property to go back on the market. Auction properties sell in, AS IS CONDITION WITHOUT ANY WARRANTIES OR GUARANTEES. The prospective buyers are urged to get any inspections that they need, but it is their responsibility to order them and their responsibility to pay for them. Also, if after the auction inspections or requirements are need by the buyer, it is their responsibility and their expense. The earnest money deposit the day of the auction is normally 5% to 10% of the purchase price and is non-refundable.

If the auction method of selling your property is something you would like to discuss and get more information on, please give Jim Sanders a call at 785/271-0370 or e-mail me at Jim@realestateauctions.net.