Auction vs. Ordinary

Auction vs. Ordinary

AUCTION METHOD VS. ORDINARY SALE

IS AN AUCTION THE RIGHT CHOICE FOR YOU?

AUCTION METHOD

ORDINARY SALE

Focus is on your Property alone Property is one of many being advertised and shown
Buyers act on your schedule Little motivation for buyers – you wait for them
Auction conducted in 45 to 60 days or less – Holding costs are contained May remain on the market for months or even years – Holding costs are ongoing
Auction creates a sense of urgency to promote buyer interest Price reduction encouraged to create buyer interest and activity
No limit on upside potential – price is bid upwards to realize maximum market value Upside potential limited by asking price – Price is usually negotiated down
Exclusively showcases your property throughout the market place Minimal advertising – Heavy reliance on multiple listing type of service
All conditions of the sale are set by the seller in advance, thus eliminating negotiations Seller must negotiate all aspects of the sale
Property sold without contingencies Contingencies are common and can eliminate a sale at any time
Auction contract calls for a cash sale – Buyers are ready, willing and able to close Contract is almost always contingent upon financing