|
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 |
