|
Auction
|
Traditional
|
|
Focus on YOUR
property alone
|
Property is one of many being
advertised and shown |
|
Results in offers in 30-60 days or less
|
May remain on market for
months or years |
|
Extensive advertising featuring your
property exclusively
|
Minimal advertising; heavy
reliance on Multiple Listing Service |
|
Buyers act on your schedule
|
Little motivation for buyers;
you wait on them |
|
Auction provides catalyst to promote buyer
interest
|
Price reduction encouraged to
create buyer interest in activity |
|
Realizes the property's true market value.
No limit on upside potential
|
Upside potential limited by
asking price |
|
All conditions of sale set in advance, thus
eliminating negotiations.
|
Seller must negotiate all aspects of sale |
| Property sold without
contingencies |
Contingencies are common |
| All offers are presented to
the seller before and during the auction |
Few offers received, multiple
offers at one time are rare |
| Eliminates guesswork in determining the
asking price of property |
Seller risks overpricing, and
thus seeing little interest, or under pricing and
selling for less that the property is worth |
