An AUCTION is a win, win proposition for anyone involved!

Benefits to the seller:

Buyers come prepared
Exposes the property to a large number of people
Quick disposal
Creates competition among buyers
The seller knows when the property will sell
Eliminates unscheduled showings
The seller does not have to negotiate
Gives the seller an excellent marketing program that increases interest and visibility.

Benefits to the buyer:

Purchases at fair market value through competitive bidding.
Buyers determine the purchase price.
Eliminates long negotiation periods.
Reduces time to make a purchase.
The seller is committed to sell.
You may see many offerings in the same place at the same time.
Closing dates are known in advanced.
You are competing on the same terms as other buyers.

Types of Auctions:

Auctions With Out Reserve or Absolute Auctions:

The property is sold to the highest bidder, regardless of price.
Since a sale is guaranteed, buyer’s excitement and participation are heightened.
Generates a maximum response from in marketplace.

Minimum Bid Auction:

The auctioneer will accept bids at or above a published minimum price which is stated a head of time.
The seller bears reduce risk because sales price must be a minimum dollar amount that is pre-set.
But unlike an absolute auction the seller may limit interest to buyer’s not willing to start the bidding at the minimum price set.

Benefit Auction:

A benefit auction is a fund raising event in which donated items and services are sold to the highest bidders in a live auction.

Reserve Auction, or Auction Subject To Confirmation:

The high bid is reduce, in effect to an offer, not a sale.

The seller reserves the right to accept or reject the highest bid within a specific time.
A minimum bid is not published a head of time.
Seller predetermines the price and is not obligated to confirm a sale, other than an acceptable price.
A prospective buyer may not invest time and expense when there is no certainty of buying.