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Focus is on your Property Alone
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Property is one of many being advertised and shown
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Buyers act on your schedule
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Little motivation for buyers - you wait for them
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Auction conducted in 45 to 60 days or less - Holding costs are contained
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May remain on the market for months or even years - Holding costs are ongoing
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Auction creates a sense of urgency to promote buyer interest
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Price reduction encouraged to create buyer interest and activity
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No limit on upside potential - price is bid upwards to realize maximum market value
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Upside potential limited by asking price - Price is usually negotiated down
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Exclusively showcases your property throughout the marketplace
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Minimal advertising - Heavy reliance on multiple listing type of service
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All conditions of the sale are set by the seller in advance, thus eliminating negotiations
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Seller must negotiate all aspects of the sale
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Property sold without contingencies
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Contingencies are common and can eliminate a sale at any time
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Auction contract calls for a cash sale - Buyers are ready, willing and able to close
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Contract is almost always contingent upon financing
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