An Auction Sale is another mode or method of selling the property or real estate by Property Owners through open and competitive bidding. Highest bidder in an auction is the purchaser.
The Property Owners can expect a sale of the asset to yield the highset value at Auction Sale. The marketing and advertising techniques is ensured that the property attracts the largest number of potential buyers.
This insure a true market value price for the property on the day of auction sale. Historically, in upswing market, public auctions have established the highest prices. When the market is declining, an auction sale will capture the current market prices.
Higher yield and less hassle than any other methods of selling a property. No ceiling price is set which allows the price to increase freely with no limit. This often leads to greater sale price than would have been obtained through conventional real estate sale.
When an auction sale date is fixed, buyers no longer let slip and begin preparing for auction sale.
The auction sale never lets the buyer to wait you out and the property is sold without sitting on the market any longer. It avoids lengthy negotiations of price and terms.
A timely auction sale allows the seller to reduce holding cost. End waste of funds by halting accruing interest, deterioration, maintenance, repairs and numerous other hidden expenses.
Setting a specific date & time of sale creates a sense of urgency and forces the prospective buyers to a point of decision.
The marketing technique through displays, advertising and brochures is an advantage to locate new buyers. New buyers will not be aware of the property if you do not select an auction.
An auction environment arouses prospective buyers emotions and makes them eager to compete. The competitive bidding creates confidence among the buyers when they watch other bidders willing to pay a similar amout for the property.
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