Auctions

1. Short time from contract to auction. 30-60 days.
2. Most property is sold “As-Is, Where Is” without contingencies.
3. Multiple offers are presented on the same day fostering competitive bidding in an open environment.
4. Opening bid is made and price goes up, not down increasing upside potential.
5. Preview of property is available.
6. Auction creates a sense of urgency and Promote Buyer Interest. Buyers must act or lose the property.
7. Buyers are qualified to purchase.
8. NO Limit to what buyer may offer.
9. NO guess work in establishing the price.
10. Buyers are forced to act on your deadline.
11. Term set by the seller prior to the auction.
12. Auction creates a sense of urgency to promote buyer interest.

Traditional Marketing

1. Property may remain on the market indefinitely – years.
2. Properties often times sold with contingencies.
3. Contract many times fall through or after numerous inspections seller is asked to make concessions, repairs, or lower their price.
4. Closing could take a long time.
5. Various contingencies are common.
6. One offer at a time is usually made to the Seller in a closed environment.
7. Many unscheduled showings.
8. Price is reduced to increase interest and sellers wait for buyers.
9. No Pre-Qualification of Buyers.
10. Seller risks overpricing and no interest or underpricing and selling too low.
11. Little motivation for buyers’, you wait for them. 
12. Seller must negotiate many aspects of the sale. 
13. Price reduction encouraged to create buyer interest and activity. 
14. Overpricing or underpricing is common.