The auction process has been utilized for centuries to identify value for unique items, including real property.
Incomparable properties cannot be judged against another property down the street or even in the same market. Thus, trying to identify value is impossible, even for a real estate agent or professional appraiser.
An auction is also an effective way to meet a deadline. Buyers are made aware a Seller is committed to sell on a specific date; therefore, they do their homework in advance and are ready to submit their bid on or before the date of the bid deadline.
Sealed-bidding is convenient and discrete. Buyers who want their privacy prefer sealed-bid auctions rather than bidding on-site in person against other Buyers. In addition, sealed-bid offerings can be structured to allow Buyers to include contingencies in their purchase offer to protect them – such as attorney review provisions, opportunity to obtain financing and the ability to conduct inspections.
Determining if your property qualifies for a sealed-bid auction.
Not every type of real estate is suitable for sale using an auction – public or private. Auctions work well for properties that appeal to many buyers. If your property is not appropriate for an auction or placement with our firm, we will recommend an alternative that will be the most beneficial for your type of property.