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Auction Information

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What You Need To Know About Auctions

  1. Auctions are a method of selling real estate.
  2. Auctions have an end date, ie. Auction day by when a sale will more than likely occur provided the correct marketing and price guide was adhered too.
  3. Prospective buyers have a preconceived idea that sellers who take their property to auction are more serious about selling than those properties that are offered for sale via Private Treaty.
  4. Auctions create an environment of competition amongst buyers – this more often results in competitive bidding and the seller achieving a premium price, sometimes 10-20% above the reserve price.
  5. Auction day is when the property is up for sale and the successful buyer once his/her bid is successful, the buyer will sign contracts and the contract becomes binding with no cooling off period.
  6. Another advantage of auctions is that buyers can buy the property before auction if the owner receives an acceptable offer before auction day.

  How to sell your property for a premium price

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