One of the most significant advantages of utilizing a real estate auction is that the BUYER pays the commission and costs of transfers.    This means that as the SELLER, all you have to pay is a small marketing fee promoting just your real estate.       In traditional sales, the settlement costs are typically split between the BUYER and SELLER, meaning the SELLER would pay their portion out of their sales price.      By utilizing the auction, the SELLER can save a significant amount of money in settlement fees. 

 

Another advantage of using a real estate auction is that the seller can set a minimum acceptable price for the property.     This means that the seller has control over the lowest amount they are willing to accept for their home, and they can reject any bids that do not meet this minimum.      In a traditional sale, the price can only go down, not up. This can create a lot of stress for the seller as they wait for offers to come in, and they may feel pressured to accept an offer that is lower than what they want or need.

 

Real estate auctions also have a set timeline, which can be beneficial for both the buyer and the seller. Buyers know exactly when the auction will take place and can prepare accordingly. Sellers can also plan their move and have a set date for when they will receive the funds from the sale. This can be particularly advantageous when downsizing or needing to sell quickly.

 

In addition, real estate auctions can attract a larger pool of potential buyers. By advertising the auction widely, the seller can reach more people who may be interested in their property. This can create competition among buyers, driving up the price of the property.

 

Overall, utilizing a real estate auction can be an excellent option for those looking to sell their home quickly and for a similar price to a traditional sale. With the buyer paying the commission and the seller only having to pay a small listing fee, this can result in significant cost savings for the seller. Additionally, the ability to set a minimum acceptable price and the set timeline can help alleviate some of the stress and uncertainty that often comes with selling a home. When downsizing or in a hurry to sell, a real estate auction can be a fantastic option to consider.

About Andy Buettner '53