After
trying to sell their land traditionally on the Multiple Listing Service without
success, owners turn to auction. Auction is a very efficient way to sell a
property knowing that the buying public is aware that the owner is committed to
a direct and immediate sale. Land owners prefer to sell their property in an
auction because of the advantages it presents.
The
publicity or marketing advantage that an auction has is one of the biggest
attractions. Land owners who want to sell the property quickly can directly
meet the eager buyers. They can deliver the property details easily and convince
buyers to close the deal. In an auction, the land owner is protected by the
reserve price. The owner and the auctioneer set the reserve price after
assessing the potential buyers’ bidding strength and the property’s market
value. The buying public should bid no less than the reserve price and in
accordance with the terms and conditions set by the owner or vendor.
Properties
being sold at an auction have an unconditional contract which means the bid
winner should proceed with the settlement on the agreed date. The seller does
not have to wait for the buyer to obtain financing from the bank. Buyers from
an auction are ready and willing to buy. They are also pre-qualified which
means before they can participate in an auction they are required to deposit a
certain amount or certified cashier’s check according to the NAA (National
Auctioneers Association).
The
auction process typically takes 4-6 weeks. It involves the property being held
by your chosen auctioneer within the given time frame wherein the auctioneer
will market the property and find potential buyers. It is clear that placing
the property in an auction has its advantages but what if you don’t have 4-6
weeks? What if you need to sell your property as quickly as possible?
Fortunately, you have another option. You can sell your land to a private land
investor like Lucas Properties LLC. With Lucas Properties, you don’t have to
wait.
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