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A real estate auction is an innovative and
effective method of selling real estate. It is an intense, accelerated real
estate marketing process that involves the public sale of any property including
those that are non distressed – through open, competitive bidding.
All Auctions Are Not the Same
The main categories of real estate auctions are
listed below.
Auction without Reserve
· The
property is sold to the highest bidder, regardless of price
·
Since a sale is guaranteed, buyer excitement and participation are heightened
·
Generates maximum response from the marketplace
·
Many sellers, including financial institutions and government agencies, are
using auctions more frequently
Minimum Bid Auction
· The
auctioneer will accept bids at or above a published minimum price which is
stated in the property brochure and advertisements and is announced at the
auction
· The
seller bears reduced risk because the sales price must be above a minimum
acceptable level
·
Buyers know they will be able to buy at or above the minimum
· The
seller may limit interest in the auction to only those buyers willing to pay the
minimum bid price which therefore must be low enough to act as an inducement
rather than a hindrance
Reserve Auction (Auction Subject to
Confirmation)
· The
high bid is reduced, in effect to an offer, not a sale
· The
seller reserves the right to accept or reject the highest bid within a specified
time -- anywhere from immediately following the auction up to 72 hours after
auction
· A
minimum bid is not published
·
Seller predetermines the price and is not obligated to confirm a sale other than
an entirely acceptable price
· A
prospective buyer may not invest the time and expense of due diligence when
there is no certainty of buying the property even if he/she is the highest
bidder