Auction Sale vs. Traditional Sale |
|---|
| 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 |
