Advantages of Real Estate Auctions
The auction method is ideal for many sellers because the sale occurs quickly, they do not have to perform an inspection or repairs, and do not incur costs of holding the property for an undetermined amount of time. Holding costs equal around one and half percent of the home’s value according to top national real estate firms. Everyday you hold the home vacant, the more you lose!
Real Estate auctions add clarity and openness to the process of selling a home. Sellers do not have to depend on the negotiating skills of a real estate agent to achieve the best price; rather the best price naturally presents itself through the auction’s competitive bidding process.
At Kraft Auction Services, we generally achieve 80-120% of the price of comparable properties sold by listing with a Realtor. When carrying and holding costs are included, our real estate auctions almost always achieve 100% of the prices achieved through a real estate listing!
A real estate auction works much like a regular estate sale, except there is only one item for sale. Often, if we are also handling the sale of the personal property, the real estate sale will occur on the same day as the personal property sale. At Kraft Auction Services, we charge a 5-10% buyers premium instead of charging a commission to the seller. As a seller, you may sell your property absolute, with seller’s confirmation, or with a published minimum bid. See About Real Estate Auctions (link to About Real Estate Auctions) for more information on these three methods. We perform open houses by appointment to allow buyers an opportunity to view the property before the day of sale, and require buyers to present a non-refundable deposit for purchase of the property. We work with a local broker and title company to complete the closing of the sale, a process very similar to a sale through a traditional real estate listing.
Interested or Need More Information?
Please contact us by email at firstname.lastname@example.org or phone at 219-973-9240. We are happy to set up an appointment to visit the property, give you more information on the process, and advise you on whether or not a real estate auction right for you.