Are auctions for fire sales and distressed properties only?
NO! The majority of auctions today do not result from foreclosure or a distressed situation, but rather are the choice of a seller choosing an alternative, aggressive accelerated marketing system. Builders and financial institutions prefer the auction method rather than laboring for months or years to sell out their inventory. The real estate auction is definitely a win-win proposition for everyone involved. The seller disposes of properties quickly and efficiently, thereby saving long-term carrying costs such as interest, real estate taxes and maintenance. For the buyer this can mean a smart investment, since properties are usually purchased at fair market value through competitive bidding. Because the auction sale is conducted in an open forum, both motivated buyers and motivated sellers have the assurance of watching the property’s true market value emerge as the bidding process progresses. For both buyer and seller, fair market values for the property prevail. An auction creates co
