Properties are generally auction, sold and closed within 30 to 45 days. Pre-title work is done prior to auction date. Auction generally takes place on a specific date and at a specific time. There is a definite time of sale. The owner has the right to refuse any and all bids. Seller can set maximum market value for the home. The property can be sold for higher than the market value in the last few minutes of sale. An auction creates an aggressive marketing program that increases interest and visibility. The seller knows exactly when the property will sell. Creates competition among buyers-auction price can exceed the price of a negotiated sale. Seller requires potential buyers to pre-qualify for financing. An auction takes the seller out of the negotiation process. In an auction, the property is exposed to a large number of pre-qualified prospects.
