At Smith & Company, we have been offering land and real estate auctions for more than twenty years. But if you’ve never participated in a real estate auction before, you may be wondering why this is a good method to buy or sell property. We’re here to tell you that there are actually several reasons why this method is beneficial to both buyers and sellers.
Let’s start with sellers. If you own a piece of land or a property, why should you put it up for sale at an auction? Well, for one thing, you should know that most people who attend auctions come prepared to make a purchase. While not everyone may be willing to go as high as you’d like, this is your best chance at gathering a large room full of people who want to spend money on real estate. Auctions are also a great way to ensure your real estate will actually be sold at market value, and they can be a great choice for anyone who is looking to sell quickly. Additional benefits include removing the negotiation process and eliminating showings of the property.
If you are interested in buying property, there are just as many benefits to look forward to at a real estate auction. Most importantly, buyers get to determine the final price. If a property is going for too high a price for you, simply pass on it. If something catches your eye that you can afford, you can enter the bidding process knowing that the seller cannot change the price, only other buyers. This helps to get rid of the negotiation phase and speed up the entire process. Buyers will also receive comprehensive information about any property before purchasing it.
These are just some of the many benefits both buyers and sellers can look forward to when attending a real estate auction. For more information, give us a call today!