According to Gary M. Berry, a Genesee County real estate auctioneer, real estate auctions may be one of the most misunderstood topics in the real estate world. Many people hear the word auction, and automatically assume that it must mean something is wrong with the property. Due to some of these false assumptions, many real estate buyers miss out on what could be a great opportunity to own the perfect property for them at a fair price.
What is a Real Estate Auction?
A real estate auction is just like any other public sale of an item except the item here is a piece of real estate. Some of these properties may be distressed properties in foreclosure, while others may be brand new homes that a development corporation is simply trying to sell in a short period of time without the hassle and fees of having a realtor involved. In addition, real estate auctions are a popular option for estate sales or court ordered sales of property. The ease of sale and attraction of motivated buyers make real estate auctions a popular choice for many different types of buyers and sellers of real estate.
Benefits for Sellers of Real Estate
For the above, real estate auctions are a great option for corporations and banks looking to sell some of the properties they have foreclosed on and taken back from purchasers not able to make the monthly payments. Similar to the reasons why a development corporation may use a real estate auction to sell some of their properties, banks are attracted to the efficiency these types of auctions provide when they are looking to sell these foreclosed properties. Banks are able to sell many properties quicker than a traditional home sale and without paying a commission to a traditional real estate broker.
Selling real estate via auction also has benefits in terms of advertising. When listing a property using a traditional real estate broker, marketing the property and getting people to viewings can be a major part of the sales process. With a real estate auction, advertising of specific properties is not nearly as necessary and sellers can be sure only motivated buyers will be present at the auction.
Benefits for Buyers of Real Estate
The news is good not only for sellers of real estate, but for buyers as well. People looking to purchase real estate at a real estate auction are ensuring they will be able to complete the purchasing process quickly. For buyers looking to invest in property, real estate auctions are a very attractive option as the purchaser sets the price. If a purchaser believes the property in question is priced too high, they can simply stop bidding! As auctions are typically very fast paced, this eliminates the need for a prolonged negotiation period to have buyers in control of their newly purchased real estate very quickly. These auctions also ensure all prospective buyers are treated equally as this is all occurring in a public forum.
Whether you represent a corporation or bank looking to sell off some of your real estate holdings, or a potential buyer looking for your first home or next investment property, Genesee County real estate auctioneers are ready to help.
Contact Genesee County real estate auctioneer, Gary M. Berry, Auctioneers – Realtors at: 248-299-5959.
Gary M. Berry, Auctioneers – Realtors is located in Oakland County, MI and has extensive experience in real estate auctions in Genesee County, Lapeer County, Macomb County, Wayne County and throughout Michigan.