Auction Method vs Ordinary Sale
AUCTION METHOD
- Focus is on your property alone.
- Auction conducted in 60-90 days or less.
- Exclusively showcases throughout the market place.
- Buyers act on your schedule.
- Auction creates a sense of urgency to promote buyer interest.
- Realizes the property's fair market value.
- No limit on upside potential.
- Eliminates guesswork in determining the asking price of the property.
- All conditions of the sale are set by the seller in advance, thus eliminating negotiations.
- Property sold without contingencies.
ORDINARY SALE
- Property is one of many being advertised and shown.
- Many remain on the market for months or even years.
- Minimal advertising, heavy reliance on Multiple Listing Service (MLS).
- Little motivation for buyers; you wait for them.
- Price reduction encouraged to create buyer interest and activity.
- Upside potential limited by asking price.
- Seller risks overpricing, and thus seeing little interest, or under pricing and selling for less than the property is worth.
- Seller must negotiate all aspects of the sale.
- Contingencies are common.