A real estate auction is an innovative and effective method that Nor Ontario Auctions offers to sell real estate.
Real estate auctions are a win-win scenario for everyone involved. It is an accelerated real estate marketing process that involves the public sale of any property through open competitive bidding.
Benefits to the Buyer
- Competitive bidding allows for smart investments, since properties are usually purchased at fair market value.
- The buyer knows the seller is committed to sell.
- In multi-property auctions, the buyer sees many offerings at once.
- Buyers determine the purchase price.
- Auctions eliminate long negotiation periods.
- Auctions reduce time to purchase property.
- Purchasing and closing dates are known.
- Buyers are competing fairly and on the same terms as all other buyers.
- Buyers receive comprehensive information on property via due diligence packet.
Benefits to the Seller
- Buyers come prepared to buy.
- Requires potential buyers to pre-qualify for financing.
- Quick disposal reduces long-term carrying costs, including taxes and maintenance.
- Assurance that property will be sold at true market value.
- Exposes the property to a large number of pre-qualified prospects.
- Property is sold within a relatively short period of time.
- The seller knows exactly when the property will sell.
- Auction price can easily exceed the price of a negotiated sale, due to competition among buyers during an auction.
- Eliminates numerous and unscheduled showings.
- Takes the seller out of the negotiation process.
- Ensures an aggressive marketing program that increases interest and visibility.