Portland, TN 37148
(615) 325-4597-Office
(615) 325-1176-Fax
info@gilliamrealtyandauction.com
Auction Advantages
By 2010, 30 percent of all real estate transactions will be auctions
according to the National Association of Realtors (NAR).
The reason is that auctioning maximizes net value to the seller
Fast Results
Once you agree to proceed with an absolute auction, your property will be sold in six to eight weeks, instead of the six to twelve months and longer typical of other selling methods. You not only save holding costs, but quickly get your money back into productive investment. You can also confidently plan and make commitments in the knowledge that your property will be sold for the highest price available on a certain date. Reserve auctions with realistic minimums deliver the same benefit.
No Ceiling
The essence of auctioning is competitive bidding. An auction brings buyers together at one time and place to compete with each other by raising the bid. And because everyone knows that the property will be sold then and there, that competition takes place under a sense of urgency absent from any other method.
Negotiation is Buyer/Buyer
Other selling methods put the buyer in control of the process, starting with an asking price and negotiating down, under no time pressure to close. The only competition is between sellers. The auction method is the exact opposite - it amounts to a negotiation between buyers, starting with an opening bid and negotiating up.
No Contingencies
All auction properties are sold in “as is, where is” condition. Potential buyers are given ample time to inspect properties prior to auction. Terms and conditions are preset and non-negotiable.
Pre-Qualified Buyers
In order to bid, potential buyers must present a cashier's check, usually for $25,000, before the auction opens. The high bidder simply endorses that check over as part of the 10% down payment required when the auction concludes. Pre-prepared contracts are signed then and there, with a Notary Public and closing attorney present. Closing occurs within 30 days.