| Auction Event |
Ordinary Sale |
| Focuses attention on your property alone. |
One of many properties being offered for sale. |
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Seller sets the day of the Auction. You know when the property will be Sold!
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Property may remain on market for months or years.
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Aggressive Targeted Marketing utilizing Signs, Brochures, Newspapers, Email, Internet, Direct mail, Telephone, MLS & more.
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Heavy reliance on Multiple Listing Service, minimal advertising.
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Seller sets the terms of the Auction.
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Seller must negotiate all aspects of the sale.
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Auction creates a sense of urgency.
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Price reduction commonly used to create buyer interest and activity.
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No limit on upside potential. Realizes the property's true market value.
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Upside potential limited by asking price.
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Eliminates guesswork in determining the asking price of the property.
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Seller risks overpricing and thus, property sitting on the market; or under pricing and selling too cheap.
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Eliminates prolonged negotiations.
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Negotiations can draw out over a long period.
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Buyers compete to own and all offers are presented at the auction.
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Multiple offers at one time are rare.
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Property sold in 30 days thus eliminating expensive carrying costs.
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Mortgage payments, taxes, insurance, etc. continue until property is sold. Length of time to sell is unknown.
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Property sells contingency free.
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Normally contingent upon buyer’s financing, inspections, appraisal, etc.
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Non-refundable earnest money.
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Refundable earnest money, buyer can back out easily.
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