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Auction strategy vs. traditional?
Why would some sellers prefer an auction strategy vs. traditional market sale?
An auction is ideal for homes that are part of an estate or that are going through pre-foreclosure. An auction is also ideal if the property is unique and not your traditional home, or has additional parcels or properties on the land. Also, if there is a large home repair that the seller does not want to pay for or cannot afford, an auction may be a much better financial choice.
Auctions are a more effective way of selling than the traditional real estate process. Marco Auction has been in the real estate auction business since 2010, and has 15,000 cash buyers across the country routinely checking on the properties that we sell. Listing agents will always be involved, and many potential buyers result from an auction.
Auction causes urgency, causing buyers to flock to your sale, wanting to get a great deal. While Marco Auction encourages this to get the largest buying audience for an auction possible, our job is to get as close as possible to what the seller wants. We generally list an auction property at 20-25% below the reserve price to increase bidding activity and enthusiasm. 99% of the time we get at or above the reserve price.
Real estate auctions benefit the seller by generating attention and results in a relatively short amount of time and achieving a financial success for distressed and unique properties, while also providing an opportunity for buyers to obtain these often differently styled properties at a price they wouldn't generally see on the traditional market.