What are the advantages to a buyer in an auction?
An auction allows the buyer to be certain that the seller is absolutely committed to sell and the auction itself obligates the seller to sell following the terms of the auction. A buyer is exposed to many options that they can compare and choose from as well relevant financing options. Also, the buyer can be confident that they are getting the fair market price for the property and can take advantage of the negotiation power that is inherent to auctions. If a buyer is not completely satisfied with their purchase they have time to withdraw their offer until the gavel falls and they can complete their purchase much faster than in a conventional sale.
