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How Do Auctions Work?

Here are things you should know when buying or selling at Auction.


•Assurance that property will be sold at true market value

•Bidding creates competition among buyers-- auction price can exceed the price of a negotiated sale

•Property is sold in “As-Is” condition, Seller sets Terms & Conditions of Sale

•The seller knows exactly when the property will sell, closings usually in 30 days

•Eliminates numerous and unscheduled showings

•Ensures an aggressive marketing program that increases interest and visibility

•Exposes the property to a large number of pre-qualified prospects

•Quick disposal reduces long-term carrying costs, including taxes & maintenance


•The buyer knows the seller is committed to sell

•Smart investments can be made as properties are usually purchased at fair market value

•Buyers can compete fairly and are all on the same terms as other buyers

•Buyers determine the purchase price

•Auctions eliminate long negotiation periods and Purchasing and closing dates are known

•Property is sold with Warranty Deed, Free and Clear of all Liens or defects

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