Advantages of Selling at Auction
Marketing to a large number of potential buyers in a short period of time
Creates a “sense of urgency” at auction and bidders get a confirmation of value from other bids
Quick closings. Most properties will close within 30 days or sooner
No buyer contingencies! Properties are sold “As-Is”, and are not contingent on inspections, appraisals, or financing
Absolute Real Estate: Sells to the highest bidder regardless of final price.
Reserve Real Estate: Sale is subject to final approval by seller of the price.
Personal Property: Personal property is evaluated by the auction company and is charged commission on a sliding scale.
Auction Myths & Facts
- Myth: Most properties that go to auction are foreclosures or distressed properties.
- Fact: The majority of properties sold at auction have no financial distress.
- Myth: Properties sell for less than market value.
- Fact: The auction method determines market value by having buyers compete to own the property.
- Myth: Auction properties cannot be inspected.
- Fact: Auction properties typically will have a 3 week period prior to the auction for any inspections.
- Myth: Auction properties do not allow for participation by Agents or Brokers representing others.
- Fact: Both listing and buyer’s agent/brokers are able to earn a commission with their clients.
- Myth: Not being at the auction will cause me to lose my opportunity to bid.
- Fact: BAS can offer online, on-site, and webcast auctions.