Choosing to sell your home, or another property you own, is often a big decision. Although there are many factors that go into the decision making process, ultimately, most sellers want to sell their property for the highest possible selling price in the least amount of time.
Here are some auction advantages to consider when selling your property:
Date of Sale
With an auction, you control and plan when your property will sell. You set the date! For most properties, we can market, sell, and close in 60 to 90 days. With a traditional listing, the sale date is unknown. It is difficult to make future plans while waiting on potential buyers to make a decision. There is no sense of urgency.
With an auction, an action-provoking marketing campaign is tailored to your property. It includes direct mail, signs, multiple websites and social media—designed to bring the market to your property with a sense of urgency. With a traditional listing, the property usually receives a sign and a listing in the local MLS. Then you wait for an unknown sale date.
With an auction, all offers are made at the same time and competition drives the price. Additionally, all offers are made under the same terms and conditions. The only differentiator is the price, and the highest bid wins! With a listing, the offers come in at different times and have different contingencies, making them difficult to compare directly. Contingencies often break the deal after other plans have been made.
With an auction, the contract is non-contingent. There are no contingencies to break the deal. Also, the buyer puts down a substantial deposit with the contract that encourages closing. If the buyer fails to close, he or she forfeits the deposit. With a traditional listing, there is little recourse if the contract falls through due to a contingency not being met. Then you have to start all over, costing you time and money.
With an auction, the property is sold “as is”. This means there are no repairs to make prior to closing. However, if there is a problem with the property, it will be disclosed to prospective bidders. With a traditional listing, there are often repairs to be made. Buyers renegotiate the deal based on things discovered during home inspections. Sometimes these repairs can be very costly and time consuming.
With an auction, prices are not discussed with buyers, leaving open the door of opportunity for a higher than expected sales price. With a listing, the price ceiling is set by the listing price. Buyers negotiate down from the listing price (not up like with an auction).
For more information about selling your home, land or other property, call us today at 864.268.4399. Your call is confidential, and an evaluation of your situation is free.