Benefits of a Real Estate Auction
Real Estate Auctions are all about transparency and competition. By having a specific date and time for the sale of the real estate, there is a sense of urgency for both sides. The auction method has been around for centuries, and it continues to thrive because it is one of the fairest and most transparent ways to conduct a sale. Participants also find the process enjoyable and reassuring as the competition creates excitement and the purest form of the true market price discovery.
Sellers get to decide their terms and timeline for their real estate. American Heritage will give our recommendations based on our years of expertise in the industry, but ultimately the Seller is in control of the process, from start to finish. American Heritage does not charge commission to our Sellers. We are paid via the Buyer’s Premium at the auction sale, so the Seller keeps the winning bid amount. American Heritage will market your real estate for you, free of charge, and our outreach goes far beyond what you would receive through a traditional listing. In addition to exposure to the MLS and third-party sites such as Zillow and Realtor.com, you will have your property seen by commercial brokers through LoopNet and FGCAR, your sale will be sent out to our internal mailing list of qualified buyers and past customers, and we have begun the process of digital advertising through sponsored geofencing ads. Real estate sold at auction is sold as-is, without contingencies — so you don't have to worry about additional inspections, concessions, price negotiations, or other road bumps to the closing table. Everyone registered to bid will be signing a non-contingent contract, eliminating the tire kickers and tedious negotiations between buyer and seller after a sale price has already been agreed to. The deal is the deal.
In a market where homes have “multiple offers”, often Buyers are not aware of who they are bidding against and what price will need to be hit to secure the property. A live auction sale alleviates those anxieties by having qualified buyers transparently bid against one another. They can rest assured that they will have every opportunity to purchase the real estate, should they choose to do so. An auction allows the market to compete to determine the value of a property. For Buyers, the auction format allows you to quickly purchase a property at fair market value within a set time frame. You are competing against qualified bidders who will be utilizing the same terms of sale. These terms include the properties being sold as-is, where-is without contingencies on financing or inspection.
The world revolves around the auction method of selling. Whether it be classic automobiles, fine art, champion horses, or even the stock market, the best of the best trust an auction to return the true market value. Why would you not utilize the same method for the purchase or sale of your most important asset?