Real estate auctions are no longer just for bank-owned properties or desperate sellers. Instead, auctions are now seen as smart and efficient ways of selling real estate, and they appeal to both buyers and sellers. Selling Homes For Auction in Oklahoma City Oklahoma has become very popular and elicits more buyer engagement. Three benefits of selling a home via auction are having an exact selling date, attracting serious buyers, and the creation of competition.
Exact Selling Date
Traditional selling methods can result in a home spending a longer than anticipated amount of time on the market. This is costly for the seller, who is still responsible for mortgage payments, maintenance, and taxes during this time. Selling a home via auction can expedite the selling time. Most auction homes take between 45-60 days to sell, from listing to closing. In addition, with an auction, the seller gets an exact selling date, allowing them to know exactly what to budget for.
Attract Serious Buyers
Selling a home through an auction will attract many repeat investors, along with individuals looking for a competitively-priced home or fixer-upper. Typically these buyers are serious and prepared to follow through with any transaction. To make sure, any auction companies require potential bidders to go through a prequalification process before being eligible to bid. They may also be required to provide a nonrefundable deposit equal to 10% of the sale price. In these ways, auction companies ensure that only serious buyers will be bidding.
Creation of Competition
An auction often creates an atmosphere of excitement and urgency. Buyers may be caught up in the excitement of the bidding process and spend a little more on a property than they would in a traditional sale. Once the competition is created, then the buyer bidding pool may increase, and the buyers’ chances of paying more is raised again.
business name are experts in Homes For Auction in Oklahoma City Oklahoma. The experienced and skilled auctioneers and marketing professionals are highly competent in the valuation and marketing of properties and are able to close on 98% of properties. The selling of farm, recreational, and ranch land and homes is a specialty. Online bidding is offered, if desired. Visit Wigginsauctioneers.com today for more information. You can also visit them on Google My Business.
