Advantages for Sellers Over Traditional Sales Methods
Real Estate Auctions offer many advantages in today’s market. Sellers typically prefer not to wait for months or even years to receive an acceptable offer on their property. As a Seller, you ideally want an offer as quickly as possible to turn a page in life and to move on. The Love Auction method of sale is the only suitable choice for that situation. Selling real estate by auction is perfect for Sellers who need to sell quickly and receive market value. The Love Auctions method of marketing is extremely important to establish the market price on unique or large properties with a very small pool of potential Buyers. To put it simply, a real estate auction establishes the true market value of a specific property in a specific marketplace on a specific day. A Love auction is conducted live, typically at the property and simulcasted on the Love Real Estate & Auctions “online bidding platform” which generates Buyers from all over the world.
Love Auctions Nets More Money For Sellers
Fewer Seller sales cost means you will net more money at closing! Love Auctions Seller fees are less than the traditional sales commissions and the total Love Auction process is accelerated with the auction sale taking place within usually, 30-45+/- days. The auction process saves huge carrying costs in addition to Seller’s expenses. Properties are sold in “as is” condition without contingencies saving a Seller time and even more money.
Love Auctions No Risk Sales Approach
Before the auction, you will determine a “Reserve Price” (the lowest price you are willing to accept for the property). Therefore, if the highest offer doesn’t reach this price point, you are not obligated to sell the property. Before you determine the reserve price, we review the market comps and recent sales in the area where the property is located and work together with you to determine a satisfactory auction sales price. We then set an auction date to take place in the following 30 to 45 days
Timing, It’s Everything– Love Real Estate auctions allow the Seller to control the marketing process on their chosen timeline. Conventional sales methods guarantee that Sellers will play the waiting game. Sellers will wait on Buyers to show interest, wait on them to come see your property, wait on them to make an offer, wait on them to accept your counter offer wait on them to get a home inspection that always cost you money, wait on them to get financing and wait on the option period to expire. But with a Love Auction, you have more control. Love Auctions are the fastest way to seriously move real estate because much of the waiting and the cost of waiting is simply eliminated.
Contingencies? We Don’t Want No Stinkin’ Contingencies
Properties offered at auction are sold “as-is” with no contingencies. This means the high bidder cannot back out of the auction purchase contract without risking their escrow money because of inspections or lack of financing. Experts have estimated traditional sales have a fallout rate as high as 35% because of contingencies. This lengthens the time it will take to sell their property and increases the overall cost a Seller incurs which ultimately reduces the net proceeds at the closing. Real Estate auctions have less than a 5% fallout rate.
The Sky Is The Limit
No limit to the sale price! Traditional listing methods allow the highest sale possible price to be capped by the Seller´s asking price. Even when the traditional listing turns into a “Bidding War”, the results are never as good as an auction with real-time competitive bidding. In a “Hot” Sellers” market the Love Auction method is the only way to go! A Love Auction does not have a ceiling when it comes to price like the traditional sales method and auctions allow the market to speak for itself. That is why world record prices are established at auction, not by Seller pricing. Real-time competitive bidding creates the urgency for Buyers to make decisions on the spot which drives the price up and often exceed a Sellers expatiations.
No Negotiation Zone
The Love Auction method of marketing real estate pits Buyer against Buyer. This allows the Seller to sit back and enjoy the escalation of price since the terms and conditions of the sale were established by the Seller prior to the auction. Traditional sales processes pit the Buyer and Seller against each other causing an anxiety-ridden back and forth, sometimes for days or weeks. Many times, this results in strained relations between the Buyer and Seller even after negotiations have been settled.
True Market Value, NOW!
Markets flow faster and more often than ever before in World History. Real Estate values can drop dramatically over the span of a 6 or 12-month listing agreement. When you are ready to sell, real estate Love Real Estate & Auctions provides the catalyst to determine the true market value of your property within 30-45 days. All too often, the traditional listing process starts out with overpricing a property immediately killing the interest of potential and serious Buyers. At a Love Auction, the fair market value of a property is established and goes up from there.
Offers, Let’s Get a Bushel Basket of ‘em
In a conventional listing, you rarely get multiple offers. If you do it is likely a good sign that you are underpriced. Typically, you can expect a painstaking process of waiting for an acceptable offer from a qualified Buyer. Industry experts predict the average listing gets nearly three offers before an acceptable offer is made, but those offers are not at the same time. With a Love Auction, you will get many offers presented on auction day until the highest and best offer is determined by the auctioneer. That’s the only one you wanted when you decided to sell.
Contact Us Today
The real estate market is ever-changing. A Buyers’ market can become a Sellers’ market overnight. Real estate values are often determined by the season, the economy, and major events taking place locally, throughout the region and around the world. We’re here to guide you though the process and figure out which method is best for you.