If you’re not familiar with the auction process, or you have some preconceived notions about what to expect at auction, this blog post will dispel the most notorious myths associated with real estate auctions.
Myth #1: The reason people sell at auction is because they are in bankruptcy and their home or property is in foreclosure.
The fact is that real estate auctions have been a viable alternative to traditional selling methods for luxury property owners for a number of years. Sellers who choose auctions are motivated sellers who want control over when their property will sell and don’t want to play the game of waiting and gradually reducing the listing price.
Owners who choose the luxury real estate auction route may be builders who are closing out a project, residential or commercial sellers who have grown tired of the traditional real estate methods, owners in the process of setting an estate, or lenders seeking a rapid non-contingent sale. Many people opt for the accelerated format that is inherent with an auction because it saves them thousands—or hundreds of thousands—of dollars in carrying costs. Read more »