Why People Like Real Estate Auctions

Why People Like Real Estate Auctions

by

Phoenix Delray

People like real estate auctions for a variety of reasons. Buyers like these because this gives them opportunity to find well-priced homes and commercial properties. Brokers like these because these make people act instead of wait. For anyone wanting to sell a property, these can be a great option.

There are a variety of ways that homes or commercial properties can become available to sell this way. Properties that are distressed , meaning there is some need to sell quickly, can be offered this way. Sometimes homeowners need to get out from under a mortgage because of job loss, illness or needing to move out of the area. If they have attempted to sell a home, done traditional marketing, price reductions, and other techniques to no avail, putting the home into this type of sale may get them the result that they need. Real estate property auctions can often get the right attention focused on the home so that it does sell.

Homes that have gone through the foreclosure process are sometimes placed into these sales. The bank or lender may want to dispose of the home in order to recoup money that is tied up in the property. For homes in areas where there are a lot of foreclosures, some cities require that the homes be kept up, lawns watered and mowed etc. thus causing more expense for lenders that carry homes for a longer period of time. Getting these homes into the marketplace by way of an auction can often get them sold fairly quickly.

Commercial properties can also be found in these sales. People that are looking for office buildings, medical offices, restaurants, strip malls, shopping center or other properties can also find these here. Real estate auction companies may have local offerings or ones in other parts of the country. People that are looking for a place to house a franchise restaurant or that are looking for rental housing will often be able to find the right properties here.

In most cases, brokers will use the company s website to create a listing that looks very much like one of their own. Their colors, logo and overall style are usually the same or very similar to the real estate company s website. The broker will use images, property description details, pricing and other information just at they would had they listed the property elsewhere. Companies that offer real estate auctions allow the broker to use several unique features such as prequalify buyers and set a reserve price if needed.

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