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The Differences Between a Real Estate Auction and Traditional Brokerage Sale

The Differences Between a Real Estate Auction and Traditional Brokerage Sale

30 Mar, 2017  /  by admin

When individuals are looking to sell their property, they most often look to traditional real estate brokers to handle the transaction. While this is one approach, many property owners could benefit from Selling Your Home at a Real Estate Auction that offer a quicker and more efficient way to sell their real estate.

There are a number of differences between real estate auctions and traditional brokerage sales, a few of which we’ll expand on below.

Competition Can Lead to Higher Prices

Real estate auctions by their nature create a sense of urgency and competition, not seen with traditional real estate sales. Traditional broker transactions are done behind closed doors, whereas real estate auctions happen out in the open, where potential buyers can instantly one up their competitor, often leading to higher prices.

Set Time and Date for Property Sale

With a traditional real estate transaction you contact a Realtor and your property goes on the market. Next comes a long waiting game where you’re lucky to get a few showings and an offer that is close to your asking price. If you’re unlucky your home or property may sit on the market for months, causing potential buyers to be scared off.

With real estate auctions you have a set day and time where vetted buyers will come to bid on your property. Assuming that your property starts with a competitive bid there’s a high probability that your property will sell to the highest bidder. Once the real estate auction is over you know that you have a buyer and you don’t have to deal with the long waiting period often seen with traditional real estate transactions.

Reduced Negotiations with Real Estate Auctions

In a standard real estate sale, a listing price is simply a starting point for intense negotiations. Buyers are always looking to get a property at the lowest price possible and will typically offer much less than the asking price in a traditional real estate transaction. With real estate auctions you have the excitement of the auction that helps to drive the price up, and when the auction is over, the price is final – no matter what.

Brooks Auction Services – Your Real Estate Auction Experts

If you’re interested in learning more about real estate property auctions, don’t hesitate to reach out to our team today at 864-379-1011. At Brooks Auction Services, we utilize Live Auction Services to sell a variety of land, commercial and residential property in South Carolina, North Carolina and Georgia. We would be happy to offer a Free Market Evaluation if you’re interested in our real estate auction services.

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