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Pros And Cons Of Selling Real Estate By Auction

Monday, August 31st, 2015

Selling a home is not easy, no matter how you do it, but more and more people are choosing to sell their real estate by auction. There are positives and negatives to selling real estate by auction. Some of the positive aspects of selling real estate by auction include a fast process and easy negotiation. Negative aspects include a difference in price and a lack of home privacy. Before you decide to sell real estate by auction, you should explore the pros and the cons of this method.

Pro: a fast process

One of the best things about selling real estate by auction is how fast the process goes. You do not have to wait months or even years to see your home sell. You know that on the date of your choosing you will unload your property and you can plan your life around that. Selling and closing can take months when you sell real estate by traditional methods.

Pro: easy negotiation

Having someone to assist you in selling real estate at auction can make the process much easier for you. The price of the real estate is set and since buyers are already qualified before the sale, there are no surprises along the way. Auctions set a firm commitment between the buyer and the auction house, and the auctioneer handles everything for the seller. This agreement makes it impossible for buyers to fail to honor their contracts.

Con: a different price

Of course, for every benefit of selling real estate through an auction, there are a few downsides. Negatives include not getting the price you may have wanted for your real estate. You will have to start bids low, and the final price of your real estate is out of your control. The auctioneer will also charge fees and commission. Compared to the convenience of selling your property by auction, these may be a small sacrifices.

Con: home privacy

Another downside to selling real estate at auction is the inability to maintain privacy while you go through the process. You will be showing your home much more often than you would if you were selling through a realtor. You may also be placing photos of your home and its interior on the internet to attract buyers, which could be dangerous.

For more information

If you want to find out about attending a live auction or scheduling your own to sell items or real estate, contact High Plains Auctioneers at (806) 244-6776. You can also Contact Us by email with your comments, questions, or concerns and visit our website regularly for updates about upcoming auctions.