Selling Real Estate by Auction
Sold the Auction way, vs. the Ordinary way
Auction Sale
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Regular Sale
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| The focus is on your property alone | Property is one of many being advertised and shown |
| Auction is conducted in 60-90 days or less | May remain on the market for months or years |
| Exclusively showcases your property throughout the market place | Minimal Advertising; heavy reliance on the Multiple Listing Service |
| Buyers act on YOUR schedule | Little motivation for buyers; you wait for them |
| The auction creates a sense of urgency to promote buyer interest | Price reduction is encouraged to create buyer interest and activity |
| Realizes the property’s fair market value. No limit on upside potential. | Upside potential is limited by asking price |
| Eliminates guesswork in determining the asking price of the property. | Seller risks overpricing, and thus may see little interest; or risk under pricing and end up selling for less than the property is worth. |
| All conditions of sale are set by the seller in advance, thus eliminating negotiations. | Seller must negotiate all aspects of of the sale. |
| Property is sold without contingencies | Contingencies are common |